Retirement interest-only mortgage

Helping you get a mortgage when retired

Retirement mortgages

Retirement interest only-mortgages (RIO mortgages) are aimed at borrowers aged 55 years old and over. As the loan is generally only repaid when you either sell your home, move into long-term care or die, a retired mortgage can be a suitable borrowing option for those looking to fund a better retirement or gift some cash to a family member. If you want to repay some of the capital, some retirement interest-only mortgages will enable you to do this, so you can leave more of the equity in your home to your loved ones.

If you think a retirement interest-only mortgage could be a good option for your later life-borrowing needs, then speak to one of our specialist mortgage advisors. We can help you to understand if it could be a suitable option and advise you of any other potential alternatives. If you happy to apply for the recommended product, we will also handle the entire process, so you can sit back and think of how you are going to put your cash to good use! To arrange your free, no obligation mortgage consultation, simply get in touch or arrange a callback at a more convenient time here today.

Expert mortgage advice
  • How does a retirement interest-only mortgage work?

    To get a retirement interest-only mortgage, you will generally only need to prove that you can afford to repay the interest on the loan each month. If you are still working, mortgage lenders will usually only look at the sources of income available to you once you are retired. These are typically your savings, investments, and pensions. Your age both at application and at the end of the mortgage, will also be taken into consideration by the lender to determine your eligibility.

  • Retirement interest-only mortgage or equity release?

    An equity release lifetime mortgage enables you to access the equity you have built up in your home to release cash, without any monthly repayments. Instead, the money you borrow is repaid from the sale of your home when you die or move into residential care. However, as you do not make any repayments, the total amount you owe increases over time, leaving less for those who matter most to you.

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Thank you Joanna for such a lovely experience! Joanna was so helpful and efficient at keeping us informed throughout the process of getting our mortgage approved. We would highly recommend Joanna and the team.
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Emily-Jane Lowe
2021-01-19
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A huge thank you to both Jonathan and Gemma for all they have done to assist us in our mortgage application. They've stayed on the case for us throughout the process even though it's been difficult due to lockdown delays etc. but we now have our offer so we're delighted! I've worked with Jonathan for a while now on both business and personal lending requirements and he is always professional, helpful, efficient and will pull out all the stops to find the right product for me, even when I'm not sure what route I want to take! I would have no hesitation in recommending Fosters Financial.
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Karen Hall
2021-01-13
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Fantastic service from start to finish. Kind, helpful, professional. Nothing was too much trouble, made a stressful time stress free. Highly recommended.
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2021-01-12
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Joanna Everett at Fosters Financial has been absolutely amazing throughout my whole mortgage process. Having had a difficult experience with a broker at another firm Joanna was like a breath of fresh air. Knowledgable, approachable, prompt and professional - I can't thank her enough for turning around my house buying experience!
Antony
Antony
2020-12-16
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John, Tracy and Gemma have given service which has been second to none as always. Thank You. Would highly recommend.
Nigel
Nigel
2020-12-15
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Good experience with Fosters Financial Sian was very helpful and explained things to me in much detail (first time buyer) I always felt like I could ask any question that I needed to. She made the process as stress-free as possible and I would 100% recommend Sian and Foster's Financial. Worth every penny!
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Lauren Inez Renda
2020-12-08
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Couldn’t recommend Fosters Financial enough!
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Johnny Hulus
2020-12-06
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Really happy with the service received from Foster Financials. Very friendly and approachable staff and answered all my questions throughout the application process. Highly recommended!! Thank you Sian and Connor :)
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Eli
2020-12-05
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Can't recommend highly enough. Professional, friendly and fair. They went above and beyond and nothing was ever too much trouble. Excellent all round.
Lindsey Ilsley - Martha Elma
Lindsey Ilsley - Martha Elma
2020-12-04
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Fantastic service! 2nd time we have used fosters for our mortgage! Quick and amazing results Thank you Johnathan
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2020-12-04

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