Retirement Interest Only

Our Retirement Interest Only (RIO) mortgages could be an alternative to equity release. Available to those aged 55+ on an interest only basis, if you’re approaching retirement and looking to raise additional finance, our range could be right for you.

Unlike a 55+ Retirement Mortgage, a RIO mortgage has no maximum term and the capital you borrow will only be repaid when a life event occurs, for example, going into long-term care or passing away. You'll need to be able to afford the monthly interest payments throughout the mortgage term but our expert team of advisors are available to discuss your circumstances in more detail and advise whether our range is right for you.

Important information

The Stamp Duty incentive has been extended. This means that you now have until 30 June 2021 to complete your purchase of a property up to the value of £500,000 without paying Stamp Duty.

To smooth the transition back to normal thresholds, the nil rate band will then apply to properties up to the value of £250,000 until 30 September 2021, before returning to £125,000 on 1 October 2021.

It is in your own interest to instruct your conveyancer at the earliest opportunity so that you are in the best position to meet these deadlines. Please note that any cost incurred for starting the legal process early will need to be met by you if the application does not progress.

It is important to note that if your application does not complete by the dates outlined above, you will be liable to pay any Stamp Duty related to your purchase.