Skip to main content

Retirement Interest Only (RIO) mortgages

Please be aware all mortgage products were withdrawn at 5pm on Thursday 4 August, except for Self-Build. This is so we can focus on processing our existing applications as quickly as possible and restore our service levels to normal. System issues mean products are still visible on the portal, but applications received after the deadline will NOT be accepted. Please keep checking back for updates for when our new products will be launched.

Contact the Intermediary Support Team (01799 582 925 or with any queries, and thanks for your understanding at this busy time.

Our retirement mortgage range allows flexibility for retired borrowers in later life. 

Our retirement interest-only (RIO) mortgage is only available to retired borrowers on an interest only basis, with the loan being repaid by sale of the property on a set life event. They are for an open ended term.

Product Details

  • Maximum No of Applicants: 2
  • Minimum age (all applicants): 55 and in retirement
  • Minimum Loan: £30,000
  • Maximum Loan: £1,000,000 (Loans over this are priced on a bespoke basis and have restricted LTV’s)
  • Minimum Term: 5 years
  • Maximum Term: no maximum
  • Repayment: Interest Only repayable from sale of property upon vacating (by latest occupant) i.e. death or moving into residential care facility

Specific Product Criteria

N.B. The POA product requires a Power Of Attorney to be in place for contact reasons.

  • Affordability (Joint Applicants): For joint applications, affordability must be proven against each applicant individually (to ensure the loan remains affordable in the event of death of the other applicant)
  • Couples living together in the property (whatever relationship) must both be named on the mortgage and the Title
  • Independent legal advice is required before entering into the mortgage contract
  • Adult Occupiers are acceptable provided they have the capability to execute a consent form waiving their rights to the property (excluding employed carers)
  • Please note Retirement Properties (with restricted occupancy clauses) are not within policy
  • Mortgage Exit Fee – Retirement Interest Only Mortgage Product.
    You will have to pay this if:
    • Your mortgage is repaid in full,
    • You transfer the mortgage to another lender, or transfer borrowing from one property to another

*Overpayments of up to 20% per annum are allowed without penalty.


In addition, please print off a copy of our Supplementary Sheet for your customer.

RIO mortgages

Your home may be repossessed if you do not keep up payments on your mortgage