Reflecting on RIO

Over 50s borrowers and those approaching retirement don’t always want to go straight to equity release, they’re often looking for flexibility through interest only options with the ability to make monthly payments. That’s where our RIO can help.

The Pandemic has changed why people borrow

Over the last year we’ve seen some clear changes in what people are using their mortgage proceeds for with a 50% increase in people looking to make home improvements as they spend more time at home,  and a whopping 80% more people applying for a RIO in 2021 stating it was for a family gift.

RIOs continue to be a popular product choice, with many seeing it as the perfect stepping-stone to enjoying later life.

Read more here about our research, our RIO and our 50+ mortgages as an alternative choice.

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Get in touch

Tel: 0800 138 9109
Email: lendingsupport@hodge.co.uk
Web: hodgebank.co.uk/intermediaries/