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Retirement Interest Only Variable Rate Mortgage
An Interest Only Mortgage for retired borrowers
Fees
Based on the information you've provided the fees you would have to pay are:
£ application fee
which is payable at the time of application and is non-refundable
There are no completion fees to pay
£ product switch fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)
£ Further advance 'completion' fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)
A valuation isn't normally required for a product switch.
If you want to do more than a product switch, like change your LTV it might be best to have a new valuation, take a look at our guide for more information.
When borrowing additional funds you may require a revaluation if the value of your property has changed since you originally took your mortgage out with us.If substantial changes have been made to your property you may require a full standard valuation, take a look at our guide for more information.
£ for a standard valuation or £ for a standard valuation and homebuyer survey
For the purpose of the mortgage you'll only need to pay for a standard valuation. Valuation fees are payable at the time of application and are non-refundable. For more information about the different types of valuations and surveys, why we need it and what we use it for take a look at our guide
We will pay for a standard valuation. There are other types of valuations available, for more information on these, why we need a valuation and what we use it for take a look at our guide
For remortgages we'll pay the standard legal fee for switching your loan, using our partner conveyancing firm. If any additional legal work is required that is not normally associated with a remortgage, such as rectifying title defects, transfers of equity or other legal matters, the firm will advise you of the cost and you'll be responsible for any fees incurred.
Early repayment charges
These are the charges that will apply to your mortgage if you want to overpay or repay early.
Can I make Overpayments?
With our RIO Mortgage you can make as many overpayments as you like without incurring any early repayment charges.
What if I want to repay early?
If you switch your loan to another lender or repay it in full, you can do so without incurring any early repayment charges.
What if I want to switch my RIO Mortgage to another property?
If you move house during your RIO Mortgage you may transfer the balance to your next home, without penalty. These requests will be subject to our underwriting criteria and can’t be extended to any further borrowing if the product has been withdrawn.
Eligibility
Before we agree your mortgage, we’ll need to establish that you can afford to meet the monthly payment.
To be eligible for a RIO Mortgage:
- Applicants must be retired
- Minimum age is 55 years
This mortgage is available on residential properties located in England and Wales.
Our Retirement Interest Only Mortgage is currently available for Purchase, Remortgage, Product Switch and Additional Borrowing.
Visit our guide for everything you need to know before applying for a Retirement Interest Only Mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
What‘s next?
You can book an appointment with one of our mortgage advisers, or if you‘ve just got some initial questions you can request a call back from our contact centre team.
We will only use the information you have provided for the purpose of your mortgage enquiry.