Retirement Interest-Only (RIO) mortgage
Our RIO mortgage is suitable for those aged 55 and over, who would like to stay in their home and avoid downsizing.
View product detailsAt The Family Building Society we can assist with a mortgage if you are moving home or would like to raise some equity by re mortgaging your existing property. We can consider an opened-ended RIO mortgage where each applicant is aged 55 or over.
The minimum property value we would consider is £120,000 in England and Wales.
What is a Retirement Interest-Only mortgage?
Our Retirement Interest-Only (RIO) mortgage offers an alternative way of borrowing in later life. RIO mortgages come with monthly interest payments and are only repaid to us when either you move into long-term care or pass away. Your affordability is assessed for a RIO mortgage to ensure you can meet the monthly interest payments.
If you are over 55 and are struggling to get a standard residential mortgage or want the chance to reduce your current monthly mortgage repayments, our RIO mortgage could be ideal for you.
Our RIO mortgage is available for purchase and remortgage and for existing customers who wish to product switch or require additional borrowing. View our product details
Who can apply?
You can apply if you are aged 55 or over.
How do I apply?
- Step 1 - Start by contacting our New Business Team on 03330 140140 or by using the Call Me Back form. They’ll go over some basic information with you including how much you would like to borrow and what for. They’ll need to know about your income and outgoings to make sure you can afford the mortgage and they’ll check that the mortgage meets our lending criteria.
- Step 2 – After our New Business Team have reviewed your circumstances, they’ll refer you to our Mortgage Advice Team who will go through your circumstances in detail and recommend a suitable product. This advice is free of charge from our in-house team, or you can choose to use your own adviser (they might charge you for this).
- Step 3 – Submit your application along with any supporting documents (there is a list of what’s required on our application form) and the £175 Application Fee. There will be further fees associated with the product selected.
- Step 4 – Once the application has been assessed in due course a valuation will be carried. When the valuation has been underwritten and we will provide you with a Mortgage Offer. A copy of this will also be given to your nominated Solicitor who will contact you with some forms to be completed.
- Step 5 – Once your nominated Solicitor have carried out the necessary searches and received the forms back from you we can arrange to send your solicitor the funds (this is called “completion”).
Want to speak to one our team about a RIO mortgage?
If you have further questions or are still unsure whether our RIO mortgage is for you, we are here to help. Our dedicated New Business Team will be happy to provide you with more information on our RIO mortgages.