Retirement Interest-Only Mortgage | Fosters Financial
Retirement interest-only mortgages

Retirement interest-only mortgage

Helping you get a mortgage when retired

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Retirement mortgages

Retirement interest only-mortgages (RIO) 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.

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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.

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.

Specialist mortgage advice

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.

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How much can I borrow?

Subject to status and lending criteria

If your applying on your own, leave the Applicant 2’s income blank


You could borrow up to


How much deposit do I need?

Based on a minimum 5% deposit


Deposit Required


How much will it cost me each month?


Exact borrowing amount will depend on your circumstances including but not limited to income, income source, dependents, age, credit history and commitments

Monthly Payment – on a capital and repayment basis


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