What’s the difference?
Retirement Interest Only (RIO) vs. Older Borrower range
We launched RIO in support of 55+ borrowers last year, but you may still be wondering what the difference is for your clients. It’s a new product set with different criteria but what do you need to know to place your client?..
Retirement Interest Only (RIO)
Perfect for…
Clients over the age of 55 who are looking for an interest only mortgage with no plans to downsize and wish to remain in their home.
To be eligible:
- Over the age of 55
- Looking for re-mortgage or house purchase
- Loans up to £750,000 (if above, please refer)
- Where it differs:
- To be repaid when a life event is triggered (no max term)
- Be affordable to both applicants (if joint)
- Minimum loan of £30,000
- Interest only to 50% LTV
Older Borrowers
Perfect for…
Clients over the age of 55 who are looking for an interest only or repayment mortgage in retirement who are planning on downsizing in the future or have alternative repayment vehicles.
To be eligible:
- Over the age of 55
- Looking for re-mortgage or house purchase
- Loans up to £750,000 (if above, please refer)
- Where it differs:
- Downsizing accepted as a repayment vehicle
- Minimum income per application is £17.5k (this can be taken from your pension or earned income)
- Minimum loan of £30,000
- Interest only, repayment or part and part up to 60% LTV
Get in touch
For more information, get in touch with our Intermediary Support Team on 01282 440583 or click here to visit our website.
