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RIO Mortgages

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5 Stars - Based on 166 User Reviews
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.

Retirement Interest Only Mortgage Advice

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.

so easy it's almost laughable....

RIO Mortgage Advice without the wait

  • Choose

    First, choose a time to video meet with your mortgage broker online.

  • Meet

    Next, meet with your adviser using the video link we send by email.

  • Discuss

    Together you and your broker discuss your RIO mortgage needs.

  • Research

    Your adviser will research the market and recommend a suitable deal.

  • Apply

    MDFS get your application up and running and take care of all the paperwork.

  • Receive

    You receive your mortgage offer or decision in principle and are good to go.

RIO Mortgage advice - FAQs

RIO Mortgage Brokers seek out the right over 55 deal
So, what's a RIO?

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.

How do lifetime mortgages and RIO mortgages differ?

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.

when do I have to pay the mortgage off?

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:


  • Move out of the house to live someplace else, and you're not likely to come back. Like, if you go into long-term care
  • You buy or move into a new home that will be your primary residence, or you stop using your primary residence
  • Sell the property
  • Pass away, or if you're a joint borrower, the last borrower to occupy the home passes away
Where can I get a RIO mortgage ?

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.

Can I get a RIO mortgage if I'm not retired?

There's no need to be retired to qualify for a RIO mortgage. You just have to be 55 or older.

What happens if I want to move?

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.

What is the maximum amount I can borrow?

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.

How Long does the process take ?

Mortgage Offer
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. 

Do you charge any fees ?

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.

RIO Mortgages

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: how do they work?

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.


Would a RIO mortgage be right for me?

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:

    • Every month you pay off the interest, so it doesn’t add to your loan. All you’ll owe at the end is what you borrowed.
    • You don’t have to be retired, just 55 and older.
    • A RIO mortgage doesn’t have an end date. It keeps going until a life event occurs, like going into long-term care or passing away. You can stay in your property as long as you want until the life event happens.
    • A RIO mortgage can be used if your current Interest-Only mortgage is coming to an end and you don’t want to pay off the capital balance, or you’re not ready to downsize or move into retirement accommodation.
    • RIO mortgages are also a good option if you want to free up equity to make improvements to your home or improve your retirement lifestyle.


The downsides are:

    • RIO mortgages are Interest Only mortgages, so you won’t be paying anything off.
    • Until the end of the term, you need to pay the interest.
    • A RIO mortgage doesn’t always have a set end date, but the mortgage still has to be paid. This usually happens when you pass away or if you go into long-term care. It means you might not be able to leave your house to your family and your inheritance might be less.
    • You need at least 25% equity in your house.
    • When you take out a RIO mortgage with your spouse or partner, you’ll need to show that both of you can afford the monthly payments if one of you passes away.

For more information read our RIO mortgage frequently asked questions.


Where do MDFS Mortgages Fit in?

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.

RIO Mortgage Broker Call Back and Video - Stress Free

Leave Stress Behind
Get advice from an Adviser

Leave your mortgage stress behind. In short, let RIO Mortgages do the hard work for you.

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Free Up Time with a dedicated Mortgage Broker

Don’t spend hours surfing the internet or on hold to your bank, use a mortgage broker.

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Stay in Control and let your Mortgage Guru take the strain

Make your RIO advice appointment at a time suited to you. 

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RIO Mortgage Broker Call Back and Video - Stress Free

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We really like helping people to get a mortgage, so why not give us a call…

020 3174 0099