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Retirement Interest-Only (RIO) Mortgages

What is an RIO mortgage and who is it for?

RIO mortgages are aimed at older homeowners; people over the age of 55 who want to release a cash lump sum from their property. .

How it works:

Maximum mortgage amounts are determined by pension income only and the value of your property

You will need to pass the mortgage affordability checks to prove you can afford the payments, now and in the future Earned income will not be used in the affordability assessment Some lenders may be willing to lend you more at a later date, if your income and/or the value of your home increases significantly

Every month you pay interest on the mortgage from your income

In most cases, it is possible to make overpayments but charges may apply and you should always check with the lender Early repayment is possible but charges may apply and you should always check with the lender

The capital is only repaid when you die or move into care, from the sale of the property

Unlike a normal residential mortgage, there is no set end date to this type of mortgage If you are married, this option provides guaranteed tenure i.e., the mortgage does not have to be repaid until both of you have passed away

*Before applying, consider seeking advice on how borrowing additional funds may impact on your tax position and benefit entitlement

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