We are all living and working longer into old age and Retirement Interest Only mortgages (RIO) offer a new and useful way to borrow in later life. These relatively new set of products are designed to help older borrowers who may not be able to get a standard residential mortgage.
If you are retired, this may be a good option for you and a range of lenders have recognised this growing market and have launched mortgage products specifically aimed at older borrowers.
You may not have considered a mortgage as an option or thought that a mortgage was not an option for you, however, as a longer-term alternative to equity release, a mortgage for later life may be ideal for your needs.
Come and speak to us about how these can work and whether they meet your needs.