Notices
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Compare all Retirement Interest-Only (RIO) mortgages

See all our RIO mortgage products at once or select two to compare side by side.

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

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

6.59% RIO 5 Year Fixed Rate to 31/01/2032 (XFZ037)
6.59% 7.54% 7.3%APRC
  • Interest-Only
 50% £0~

Key things to bear in mind

  • Purpose - Retirement Interest-Only applications for for Product Switch and Further Advance
  • Loan to Value - 50%
  • Fixed Rate end date - 31/01/2032
  • Application fee - £125 for Further Advance. £0 for Product Switches
  • Legal fees - £100 minimum for Further Advance applications
  • Valuation Fees - £0
  • ~Product Fee - £0 for Further Advance and Product Switch
  • Early Repayment Charges - 5% until 31/01/2028, 4% until 31/01/2029, 3% until 31/01/2030, 2% until 31/01/2031, 1% until 31/01/2032
  • Maximum loan - No maximum
  • Minimum Loan - £2,000 for Further Advance. No minimum for product switches
  • Cost for comparison - 7.3% APRC.
Affordability calculator Email us Ask us to call back Summary & fees

Representative example

A mortgage of £75,023.00 payable over 10 years initially on a fixed rate for 5 years at 6.59% and then on our variable Managed Mortgage Rate, currently 7.54% would require 63 monthly payments of £412.00 and 57 monthly payments of £470.35 plus one initial interest payment of £422.17.

The total amount payable would be £128,311.12 made up of the loan amount plus interest of £53,188.12 and a Mortgage Exit Fee of £100.

The overall cost for comparison is 7.3% APRC representative.

More downloads & what you'll need to apply

Identification

Only applicable for Further Advance applications - We carry out an electronic ID check on all applicants. If this fails you will need to provide us with ID documents.

Bank statements

Only applicable for Further Advance applications - Three full months most recent consecutive bank statements for all current accounts, to evidence all income and outgoings. Bank statements must show the applicants name, account number, sort code and bank logo.

Proof of income

Only applicable for Further Advance applications -

If you're employed in a company you'll need:

  • Three months' most recent payslips
  • Most recent P60.

If you have property or investment income you'll need:

  • Two years most recent SA302s.

If you're self employed you'll need:

  • Two years most recent accounts or two years most recent SA302s / Tax Calculations (100% Completed) or Family Building Society Accountant's Certificate
  • Accountant's details on the application form.

If you are already retired or if the term of your mortgage term goes beyond retirement or age 70 you'll need:

  • Most recent Pension Statement or letter from Department for Work and Pensions
  • Most recent annual Pension Statement
  • Most recent P60.

Other items

Only applicable for Further Advance applications -

If you already let a property you'll need:

  • Evidence of rent being paid in and mortgage being paid out (bank statements requested above may already cover this).

 

Think that a Retirement Interest-Only mortgage could be for you?

We want to help you onto the next stage. Contact our dedicated New Business Team:

Ask us for a call back Email us

 

Do you already have a mortgage with us?

If you want to borrow more or switch to another mortgage product we have a range of mortgage products available.