RETIREMENT INTEREST ONLY
Looking for a mortgage that
works in retirement?
A Retirement Interest Only (RIO) mortgage could help you continue living in
your home while keeping monthly payments more manageable. Whether
you’re looking to remortgage, repay an existing mortgage or simply explore
your options, we’ll explain how Retirement Interest Only mortgages work
and help you compare the available options.
✔ Access to high street & specialist lenders
✔ Clear advice tailored to your circumstances
✔ Support from enquiry to completion
Retirement Interest Only Essentials
Everyone’s circumstances are different. Here are some of the most common reasons homeowners choose to review their mortgage.
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Staying in the Home You Love
Many people choose a Retirement Interest Only mortgage because they want to remain in the home they’ve worked hard for, without feeling pressured to downsize sooner than they would like.
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Understanding Affordability
Retirement doesn’t necessarily mean your mortgage options come to an end. Different lenders assess retirement income in different ways and may consider pension income, employment income, rental income and other acceptable sources when assessing affordability.
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What is a Retirement Interest Only Mortgage?
A Retirement Interest Only (RIO) mortgage allows you to make monthly interest payments throughout the mortgage term, helping to keep monthly payments lower than a repayment mortgage. The loan is usually repaid when the last borrower passes away or moves permanently into long-term residential care.
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Tailored Around Your Circumstances
Every lender has different criteria regarding age, income and property types. We’ll compare a wide range of lenders to help find those most suited to your individual circumstances.
Why Choose Liberty Money?
Retirement Interest Only mortgages are a specialist area of lending, with every lender taking a different approach to affordability and eligibility.
Some lenders are happy to consider applicants who continue to work, while others place greater emphasis on pension income. Many will also consider multiple sources of retirement income depending on their lending criteria.
We’ll take the time to understand your circumstances, explain your options clearly and compare specialist lenders to help you find the most suitable mortgage
Independent mortgage advice
Clear comparison of your options
Support from review to completion
Advice tailored to your plans
How Could a Retirement Interest Only Mortgage Help?
Stay in Your Home
Continue living in the home you love without feeling pressured to move simply because your current mortgage is ending.
Buy a Holiday Home
Use the equity in your home to help purchase a holiday property or enjoy more of the retirement you’ve worked hard for.
Support Your Family
Some homeowners choose to release equity to help children or grandchildren with a property purchase or other significant life event.
Home Improvements
Whether you’re adapting your home for the future or finally completing that renovation project, a Retirement Interest Only mortgage could help.
Debt Consolidation
Bringing existing borrowing together into one manageable monthly payment may help simplify your finances, subject to your individual circumstances.
Improve Financial Flexibility
A Retirement Interest Only mortgage may help reduce monthly mortgage payments compared with a repayment mortgage, improving cash flow during retirement.
We’ll explain both options if appropriate and help you understand which may be more suitable for your circumstances.
Costs to Consider
A Retirement Interest Only mortgage involves many of the same costs as a traditional residential mortgage. We’ll explain everything clearly before you proceed.
Mortgage Product Fees
We’ll compare the overall cost of each mortgage product, not simply the interest rate.
Property Valuation
Your lender will normally require a valuation to confirm the property’s suitability as security.
Legal Fees
A solicitor or conveyancer will complete the legal work involved in arranging your mortgage.
Adviser Fees
We’ll explain our fees clearly before you proceed, so you’ll always know exactly what to expect.
Early Repayment Charges
Some products include Early Repayment Charges during the initial product period. We’ll explain these before you make a decision.
Protection
Depending on your circumstances, you may wish to consider life insurance or other protection arrangements. We’ll explain the options available where appropriate.
Frequently Asked Questions
Could a Retirement Interest Only Mortgage Be Right for You?
Whether you’re approaching retirement, already retired or continuing to work later in life, we’ll help you understand your options and guide you every step of the way.
Explore Related Mortgage Guides
Many of our clients explore more than one mortgage option before deciding what’s right for them. Here are some related guides that may also be useful.