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RIO mortgages for additional borrowing

See all of our current Retirement Interest-Only mortgage products available for additional borrowing.

The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

All of these Owner Occupier mortgage products have limited funds available and may be withdrawn at any time. Our mortgages are available to applicants aged 18 and over for properties in England or Wales.

This information should be read in conjunction with the following documents: 'Additional Information about our Mortgages' and 'Getting a Mortgage: what you need to know' guide, which provide important information about our mortgage services.

 

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Initial interest rate Current follow on rate Overall cost for comparison Repayment or Interest-Only? Max % Loan to Value (LTV) Product fees Additional
benefits

3.49% 5 year fixed rate Retirement Interest-Only
3.49% 4.39% 4.2APRC
  • Interest-Only
 50% £999**

£500 cashback for remortgages^

Overpayments allowed

Some key features of this mortgage

  • Purpose - RIO applications for purchase, remortgage, product switch and further advance
  • Loan to Value - Maximum 50%
  • Application Fee - £175 + Valuation Fee for purchase and remortgage. See ‘more downloads’ for product switch and further advance fees
  • Valuation Fees - Free for properties up to £500,000. For properties above £500,000 the standard valuation fee scale applies, less £330 discount. See ‘more downloads’ for product switch and further advance fees
  • ~Product Fee - £999 for loans up to £500,000. For loans above £500,000 0.3% of the loan amount. See ‘more downloads’ for product switch and further advance fees
  • Maximum loan - No maximum. Loans above £500,000 should be referred to us for specific agreement before submission of an application
  • Minimum loan - £45,000 for purchase and remortgage. £2,000 for further advance. No minimum for product switches
  • Additional benefits:
    - ^Cashback - £500 on completion for remortgage applications
  • Early Repayment Charges -  5% until 30/09/2022, 4% until 30/09/2023, 3% until 30/09/2024, 2% until 30/09/2025 1% until 30/09/2026
  • Additional criteria – The mortgage must complete by 01/11/2021. Borrowers are required to nominate a Registered Contact when they apply

See full details for fee details, documents you'll need, and more.

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Comparing two mortgage products

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Note that products are subject to additional terms and subject to change. See a product's full details to find out more.