RIO Mortgages is a specialist Retirement Interest Only Mortgage (RIO) website and part of MDFS Mortgages, the fee free mortgage broker.
Here's our promise to you: no fees are charged by our advisers. That's right, look at the site small print and you'll see, we're fee free.
If you are looking for advice about a retirement interest only mortgage (RIO Mortgage), then you’re on the right site. MDFS Mortgages are your go-to brokers. Don’t take our word for it, check out our Google reviews.
It stands for 'Retirement Interest-Only' mortgage. It's a mortgage where the amount you borrow doesn't have to be repaid until a certain life event happens. This could happen if you're in long-term care or if you pass away (or the surviving borrower for joint borrowers).
You pay interest on a RIO mortgage monthly, so at the end of the term, all you owe is what you borrowed. If you're looking to stay in your home and not downsize, a RIO mortgage may be for you.
With a lifetime mortgage, or later life mortgage, the interest is usually added onto the loan instead of paid off monthly.
Because you pay the interest every month, a RIO mortgage doesn't roll up the interest. This means you'll always repay the same amount that you borrowed when one of the specified events triggers the mortgage repayment.
Your monthly payments pay off the interest on the money you borrowed. You'll have to pay back the amount you borrowed when you, or each of you if you are joint borrowers:
It is easy enough to get a RIO mortgage from a bank or building society yourself, if you are comfortable that they are offering a good deal. When applying they will ask a series of questions about you and your finances. The lender will calculate what amount of mortgage they think is affordable. They will also run several checks to assess your financial status. If they accept your application, you will be sent an offer.
However, it is probably easier, and quicker, to find a great deal by using an online or telephone mortgage advisor like MDFS. In fact, all you have to do is book an online appointment with a mortgage expert who looks after your local area. Tell them a little about yourself and they will compare deals across the market. Your mortgage adviser will explain all the pros and cons, fees, and charges, before going on to set up an action plan to make sure things go according to plan.
There's no need to be retired to qualify for a RIO mortgage. You just have to be 55 or older.
It's okay. You can transfer your mortgage to another property during the term of your mortgage, as long as it meets the mortgage providers lending criteria. You do this by selling your existing house, paying off your existing RIO mortgage, and taking out a new RIO mortgage on the same day you buy your new house.
Each mortgage provider will have a different approach, but you may be able to borrow as much as 75% of the value of your property.
There is no standard length of time from application to offer. Service standards are different between providers. However, we target to get your mortgage offer as quickly as possible, normally in 10 to 14 working days. Therefore, the time it takes depends on making sure the information requested by your adviser is provided or uploaded as soon as possible.
Like other mortgage advisers we receive a payment from the lender at completion of your mortgage. However, unlike some other mortgage brokers we do not charge you a fee of any amount or description, regardless of the amount of work involved. Therefore, for these reasons, and because of our unbiased approach, more and more customers are turning to MDFS for advice every day.
We are here to save you money on your mortgage, not cost you more than it would if you did it yourself. Applying for your mortgage through us costs you no more than going directly to a mortgage provider for the same deal.
A Retirement Interest Only Mortgage (RIO) might be a great option for borrowing later in life. RIO mortgages have monthly interest payments and are only repaid if you move into long-term care or die. You’re assessed for an RIO mortgage to make sure the monthly payments are affordable.
If you’re over 55 and having trouble getting a standard residential mortgage, or want to reduce your current mortgage payments, a Retirement Interest Only Mortgage could be for you.
RIO mortgages don’t roll your interest up, and there’s no set end date to repay the balance. Unlike lifetime mortgages you pay interest every month. So, you don’t have to worry about paying back the capital borrowed, you only have to pay back the amount you borrowed when the time comes.
A RIO mortgage has many benefits, like cheaper monthly payments and staying in the house you love. RIOs also have other benefits.
The advantages of a RIO mortgage:
The downsides are:
For more information read our RIO mortgage frequently asked questions.
RIO Mortgages are part of MDFS Mortgages. Starting with your first online video meeting, all the way to the completion of your loan, MDFS Mortgages provides the highest level of service.
Our goal is to make your journey as easy as possible. The MDFS team work with you every step of the way. You’ll have direct access to mortgage brokers who have been helping people just like you for over 30 years. There’s no need to worry, all MDFS advisers are licensed and regulated by the FCA
You want honest, straightforward advice that’s easy to understand.
MDFS have got you covered when it comes to the horrible paperwork. They handle all your administration processes making sure that your mortgage application process goes smoothly.
You’ll also get online video advice throughout, plus a service via phone, email, and live chat. Since you’re busy, you can schedule an appointment anytime between 8am and 8pm.
Leave your mortgage stress behind. In short, let RIO Mortgages do the hard work for you.
Make your RIO advice appointment at a time suited to you.
We really like helping people to get a mortgage, so why not give us a call…