We’ve introduced a 10 year fixed rate option for our Retirement Interest Only Mortgage (RIO).
We were the first to bring a RIO to market in June 2018 and we keep listening to our customers, with longer term RIO fixes in particular being a popular request, so from tomorrow we’ll be offering the following rates for our 10yr fix:
| Product | Monthly Interest Rates | Annual Interest Rates | Max LTV | Product Fee | Survey Fee | Age (youngest borrower) | Loan Size | Loan Term | Property Value | ERCs |
| 10 year fixed | 3.95% | 3.95% | 70% | £995 | Free valuation up to and including £1 million. Properties £1 million + will have equivalent discounted survey fee | Min 50 Max 88 | Min £20k Max £1.5m | Lifetime | Min £100k Max (outside London) £3m Max (London) £5m Refer if over | Years: 1-4: 5% 5: 4% 6: 3% 7: 2% 8: 1% |
These are the lowest 10yr fixed rates currently available in the RIO market, and our plans also benefit from free or discounted valuations as well as free legals option for re-mortgage cases.
A full breakdown of our 55+ and RIO rates are available on our website.
We’ve also updated our Underwriting Guide for our residential later life lending products, which provides an overview of how we assess a potential clients income pre and post retirement.
