![]() ![]() ![]() Power of Attorney and Third Party Mandate.Mortgage Charter information Mortgage Charter information.Extra support and help Extra support and help.Help and extra support Help and extra support.Bank of Mum and Dad research and guides.Intergenerational Wealth Transfers Research.Protect yourself against frauds and scams.Corporate and financial information Corporate and financial information.Mortgage calculators Mortgage calculators.Buy to Let mortgages Buy to Let mortgages.Expat mortgages for UK homes Expat mortgages for UK homes. ![]() Retirement Interest Only Retirement Interest Only.Later life mortgages Later life mortgages.First time and family assisted mortgages First time and family assisted mortgages.Existing borrower information Existing borrower information.Easy access savings Easy access savings.Compare all savings Compare all savings.Existing saver information Existing saver information.As such they can be a great choice for those who need to borrow in retirement, but particularly for those who don’t have any other means of repaying a previous interest-only deal. But this isn’t the only reason people choose such mortgages some may choose to take a RIO mortgage outright, perhaps to release cash tied up in their home or to fund a move to a more suitable property.Įither way, a key benefit of this kind of mortgage is that there aren’t as many affordability checks than with a standard mortgage all you have to do is prove you can afford to repay the interest. RIO mortgages allow homeowners to remortgage their existing loan under similar terms to their current interest-only arrangement, avoiding the cliff edge that’s the common feature of traditional interest-only loans. People found themselves with a ticking time bomb of a mortgage they had no way of repaying, many of whom were approaching retirement, so rather than see huge swathes of borrowers losing their homes, the industry responded – and so the option of extending an interest-only mortgage into retirement came into being. After the boom of interest-only deals in the 80s and 90s, their popularity quickly plummeted when endowments, house prices and investments did the same in the midst of the financial crisis. Yes, and this is the key reason that RIO mortgages were introduced. If you are in any doubt, .uk recommends you obtain independent financial advice. uk will not be liable for any loss arising from your use or reliance on this information. This information is intended solely to provide guidance and is not financial advice. Please check all terms before making any decisions. All information is subject to change without notice. You can find out more about the individual products by visiting any of the providers listed. The list of retirement interest only mortgage providers on this page is a selection of services available and gives you an idea of the kind of options available. uk will receive a small payment either if you click the links or if you use their services after you click through to their site. You can find out more about the individual products by visiting their site. Links to third parties on this page are paid for by the third party. ![]()
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