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Retirement Interest Only (RIO) Mortgages
A Retirement Interest-Only mortgage can be a very useful product in later life
A Retirement Interest-Only mortgage can be a stepping stone towards Equity Release or remain an alternative to Equity Release.
How we work
Many brokers will claim to offer ‘whole of market,’ but that may just mean that they offer every kind of product, but that they are all from the same lender. Independent means that we can offer every kind of product from every lender.
Benefits
- A single point of contact at all times
- Advice from as early in the process as you need
- Access beyond us to over 25 experienced advisers for the more obscure questions
- Access to every type of product from every lender – we are truly independent
- By your side all the way
- Annual reviews at the very least
Why choose us
Sometimes it seems that there are almost as many financial advisers as there are financial products. Why should you choose us. We think there are many reasons of course, but among the most important are the following:
- We are truly independent and can access the whole of the market.
- We are advisers, not salespeople.
- We are transparent in our costs and fees.
- Our extraordinarily high rate of returning customers shows that people enjoy dealing with us.
This last is perhaps the most important. The proof of the pudding is in the eating. If we did not give our customers great service, they simply would not return.
Your mortgage and equity release team member
Nikki Pilling
Mortgage and Later Life Lending Adviser
Nikki has been in financial services since 1997. She was in retail banking and got made redundant in 2018. She joined Dave at Compass in 2018, and then joined him at Protection and Investment in 2024. Since 2003, Nikki has specialised in Later Life Lending, including lifetime mortgages. She admits to being passionate about the difference that Later Life Lending can make to people’s lives. She has two boys, calls herself a football mum, and her favourite family member is Mabel, the fox-red labrador!
"I was living in one room, facing the prospect of having to move into a care home. Nikki showed me that I could release equity from my property to fund the improvements I would need to be able to move freely around my house – and to be able to stay here indefinitely. I cannot thank her enough."
FAQs
What is the difference between a RIO mortgage and equity release?
With a standard lifetime mortgage (equity release), the interest rolls up and is added to your loan. With a RIO mortgage, you pay the interest every month, meaning your total debt amount never increases over time.
Who is eligible?
You typically must be aged 55 or older. Because there is no fixed term or capital repayment, you must prove you can comfortably afford the monthly interest using your retirement income or pension. And the property must be your main residence, and lenders usually enforce a minimum property value and Loan-to-Value (LTV) limit, generally capping borrowing around 50%-65%.
When is the loan repaid?
Unlike standard mortgages with an end date (e.g., 25 years), RIO mortgages are open-ended. The loan is generally paid off when you sell your home, move into permanent long-term care, or pass away (for joint borrowers, this applies after both applicants have passed or moved into care).
What can I use a RIO mortgage for?
Common uses for a RIO mortgage include paying off an expiring interest-only mortgage, funding home improvements, supplementing retirement income, or assisting loved ones with a deposit.
What are the risks?
If you fail to keep up with your monthly interest payments, you could put your home at risk of repossession. Furthermore, upon your death or move to care, the sale of your home will be used to clear the debt, which could significantly reduce the inheritance you leave to loved ones.
Your assets – your later life happiness
If releasing the equity from your property sounds like a sensible way to fulfil your later life ambitions, please contact Nikki today using the button below.
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