Manage Cookie Settings

Preferences updated.

Essential Cookies

Essential cookies allow us to remember the choices you make on our site and to provide enhanced and more personalised features, such as acknowledging a service announcement, remembering if we have asked you to participate in a promotion and for other services you request. These features help us to improve your visit to our website and are essential to the funcionality of the website and so cannot be disabled.

Non-Essential Cookies

The non-essential cookies on our website are mainly analytical cookies and are used to track visitors on the website. They are crucial in measuring the performance of a website and to optimise it. If you do not wish for us to track your usage you can disable these here

Mortgages in Retirement

We’re working with Mortgage Advice Bureau to help you find the best mortgage deal by comparing 1000’s of mortgages from over 90 different lenders.


Borrowing in later life solutions are designed to support older customers who are established home-owners with a stable income.

If you’re over 55 years old, you will have a range of different choices available to suit your borrowing needs. Mortgage Advice Bureau’s advisors will take care to fully assess your personal circumstances and lending requirements in order to make a recommendation tailored for you.

You may be looking to either improve your mortgage deal or perhaps use the equity in your home to borrow more money for a variety of purposes. You may also be on an interest only mortgage and coming to the end of your mortgage term but do not wish to redeem the capital balance at this stage.

You can take out a standard mortgage as part of later life lending options. These mortgages will have a set mortgage term, and can be on a capital repayment or an interest-only basis. If on an interest-only basis you would need to repay the capital on expiry of the mortgage term.

Retirement Interest Only

Retirement Interest Only (RIO) mortgages are an alternative to traditional mortgages for older customers who either want to extend their standard interest only mortgage, or make the most of the equity they have built up in their homes, for example to help their children get on the property ladder or take the holiday of a lifetime. A RIO mortgage helps older borrowers with an alternative way of raising funds without selling your home or having to make large monthly capital repayments.

Who is RIO for?

RIO mortgages are available to those over the age of 55 and who have a reliable income that will allow them to make payments now and in the future. You will be able to borrow up to 40% of the value of your home as a cash lump sum and will be charged interest only on the loan.

Unlike standard interest-only mortgages there is no set end date for settlement of the loan, borrowers pay monthly mortgage interest until they sell their house, go into long-term care, or pass away. At this point the loan is repaid by selling the house.

What types of income are acceptable?

Some lenders accept private and state pension income, feasible self-employed and employed income, together with some investment income

What are the benefits?

  • It allows you to choose the lifestyle you want in retirement
  • It gives you the option to release funds to make improvements to your home
  • It’s a way of helping family members out with money to buy their first home, pay for their dream wedding or pay university fees or loans
  • It can plug the gap left by a standard Interest Only mortgage
  • With the RIO mortgage, when the property is eventually sold the loan is repaid and the remaining equity stays within the family.

Is RIO right for you? – talk to the experts

If you’re interested in finding out more about a RIO mortgage, Mortgage Advice Bureau’s advisors can help you. Simply call 01664 494100 or visit our Mortgage Advice Bureau website.

Search for your next mortgage with Mortgage Advice Bureau

To book an appointment please call 01664 494100 or take a look at our Mortgage Advice Bureau website where you can also see the latest deals, access mortgage calculators, meet the team, get expert advice and much more.

Following the Bank of England Base Rate increases, our Standard Variable Rate is due to increase from 4.99% to 5.39% with effect from 1st June 2022.

Please also bear with us as our telephone lines will be busier as we help our customers