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Specialist advisors for retirement interest-only mortgages.
Looking to borrow in later life? Our team of specialists are here to explain all the options including retirement interest only mortgages, and support you throughout the application process.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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Finding The Best Retirement Interest-Only Mortgage Deal For Your Circumstances
Retirement interest-only mortgages (RIO) are an alternative option for older borrowers who may find it difficult to get approved for a standard residential mortgage or who are looking for an alternative to equity release schemes.
If you’ve been finding it tough to manage financially, we’re here to explain how a RIO mortgage product could be the solution.
When the Bank Says No is a team of mortgage advisors, experts in all aspects of later life mortgaging including equity release, lifetime mortgages, and retirement interest-only (RIO) options.
We work with your best interests in mind, and will never pressurise you into a deal. Our priority is making sure your retirement years are enriched by your RIO mortgage. We find the yes you’ve been looking for!
Helping you access financing in later life.
Don’t be worried about applying for a mortgage in later life. Maybe you’ve already been turned away by a high street bank, don’t want to release equity on your property, or are simply finding the application process complex.
You are not alone. Our expert team of independent mortgage brokers are here to simplify the retirement interest-only mortgage process and explain all the ins and outs of RIO financing. Whatever your circumstances, we’re here to help your plans take shape, by finding the right finance to make them possible.
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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
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What is a retirement interest-only mortgage?
A retirement interest-only mortgage is essentially the same as a standard interest-only mortgage, with a key difference; it’s specifically intended for later-life borrowers. This product allows you to borrow against your property and just make the monthly interest payments, rather than combined capital and interest repayments.
When you sell the property, move into long-term care, or pass away, the loan will be paid off using money from the sale.
If you think RIO might be right for you, contact our friendly team. We can discuss the retirement interest-only mortgage options available to you and help you formulate a plan for application success!
Should I get a retirement interest-only mortgage?
There’s no right or wrong answer, and the final decision will be hugely dependent on your circumstances. However, RIO does present many advantages. If funds are running low, you’ll be able to avoid selling your home until after you die or move into long-term care. Retirement interest-only mortgages will also reduce your monthly expenses compared to a standard mortgage plus, you don’t have the problem of interest roll-up or compound interest. However, there are also some implications to consider.
It is likely your home won’t be inherited by your family; instead, it will be sold to repay the loan. Also, you will still have to pass affordability checks, and as these will be based on your retirement income, you may find the amount you can borrow ends up being less than you think. If you decide to pay off an ROI mortgage before the end of the term, you could face hefty early repayment charges.
For more guidance and advice on your specific circumstances, give our friendly team a call. We can chat about where you are now, and where you want to be!
Turning Your Nightmares Into Dreams
When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.
Is retirement income only the same as equity release?
Retirement income only is NOT the same as equity release. With an RIO mortgage, you retain 100% of the equity of your property. However, at the end of the mortgage term, the loan will have to be repaid, and this may have to be done through the sale of your property.
It is this similarity which causes many people to confuse it with equity release, but RIO tends to be a cheaper alternative to this and does not involve any form of release of equity.
My bank told me I'm too old to get a mortgage. How will RIO be any different?
RIO mortgages are specifically designed for older borrowers, so it will be different this time around! Most standard residential mortgages have an upper age limit, but this is not true for RIO mortgages.
With an RIO mortgage, the loan term will last until you sell your home or pass away, taking the stress out of your retirement and the fear that you may have to remortgage again in the future.
Still, concerned about the process of applying for an RIO mortgage? Whatever your experience, our advisors can help you overcome any previous mortgage refusals. You’ll start your retirement mortgage process well-informed and with expert support.
Frequently Asked Questions
How Old Do I Need To Be To Qualify For Retirement Interest-only Mortgages?
Although there isn’t a minimum age for a retirement interest-only mortgage, they are aimed at older borrowers – those aged 55 plus. The purpose of these products is to make it easier for people of retirement age to qualify for a mortgage. If you are below 55 and looking to apply for an interest-only mortgage, you still can, but you should go for a standard option instead.
What Income Can Be Considered For A Retirement Income-only Mortgage?
Is An RIO Mortgage The Same As A Lifetime Mortgage?
There are many similarities between retirement interest-only mortgages and lifetime mortgages, but they have some key differences too. Both types are aimed at older homeowners allowing you to stay in your home, have no set term and are repaid only when the property is sold after you die or move into long-term care. Where they differ is the monthly repayments. With a retirement interest-only mortgage, you need to keep up with the monthly interest payments, and if you don’t, there is still a risk of repossession, just like a standard mortgage. A lifetime mortgage is different because you don’t have to make any monthly repayments, with the interest and capital sum owed repaid when you move into care or pass away.
Which Is Best: An RIO Mortgage Or A Lifetime Mortgage?
A lifetime mortgage can often prove more costly because you don’t repay any of the interest, and this is compounded and builds up over time. With a retirement interest-only mortgage you pay just the interest each month, meaning there will be less to pay back at the end of the loan compared to a lifetime mortgage. The right option depends on your financial circumstances and long-term aims. If you’re not sure which mortgage is right for you, we can discuss them both and help you come to a decision. We’re not like most mortgage brokers; we won’t push you into anything you don’t want to do. Our job is to listen, guide, and inform. If you want to get started, we can’t wait to hear from you!
What Is The Minimum I Need To Borrow On A Retirement Interest-only Mortgage?
You will normally need to borrow a minimum of £10,000. If you want to borrow less than this, you may find the number of mortgage providers who will consider your application could decrease. If you have a specific amount you want to borrow, let us know and we can help you find the most suitable mortgage option.
Expert retirement interest-only mortgage advisors.
Retirement interest only can be an invaluable product for older borrowers, helping them access finance where other lenders might turn them away. If you’re looking to get started with RIO and free up some cash to fund your retirement, our specialist mortgage advisors are here.
Over the years, many retirees have experienced the benefits of an RIO mortgage with help from our friendly team offering independent advice. We’ll take the time to listen and understand your circumstances and plans and help you take your next steps with all the latest market insights and tools at your fingertips. Borrowing in later life just got a lot easier!
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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