Can I Remortgage if I’m Over 60 or Retired?
23rd February 2022
Common reasons for remortgaging when you’re over 60 or retired are to release equity from your home or to reduce
We search a wide range of RIO mortgage deals from across the market, including specialist lenders and exclusive deals.
Get access to high-street lenders as well as specialist products
that aren’t available directly.
Find out how much you can borrow and what RIO mortgage rates are available to you with one simple chat.
RIO Mortgages allow you to get the most out of your home in retirement without the financial burden of a standard repayment mortgage.
You can use RIO mortgages to remortgage your existing property, buy a new property, or release equity from your home as tax-free cash.
Our friendly RIO mortgage advisors will search the market to find the most suitable deal for your situation.
When you’re ready, we’ll apply on your behalf and liaise with all parties to ensure your journey is a success.
Simply talk to an advisor to get going!
Hear from some of our amazing customers…
We’re not affiliated with any particular lender, so our advice is impartial.
Only approaching high street lenders can limit your options. We search a wide range of deals from across the market, including specialist lenders and exclusive deals that are only available through mortgage brokers like us.
We don’t run a credit check on you, so your credit score is not at risk.
We don’t need to run a credit check when searching available mortgage deals for you. We also only apply for deals you’re likely to be accepted for – this is important, because being rejected by a mortgage lender can damage your credit score.
To get the right RIO mortgage, you need to get the right advice.
We’re impartial mortgage advisors with over 30 years of experience dealing with mortgages for the over 50s and retired. We’ll discuss your situation and needs, and then guide you every step of the way.
We were voted ‘Best Advisor Firm in the South’ in 2019, 2020, and 2021, and ‘Best Advisor Firm with Over 11 Advisors’ in 2023 by HLPartnership – one of the UK’s most trusted mortgage and protection organisations.
We’ve also been helping people like you for over 30 years… so we know what we’re doing!
Retirement-interest only (RIO) Mortgages are designed for homeowners over the age of 50 – allowing you to live in your home until you sell, die or move into permanent care. You can either remortgage to a RIO Mortgage or use one to buy a new property. These products are popular with people who are unable to pay off the capital at the end of an interest-only mortgage. You can also release equity from your home with a RIO Mortgage, but Equity Release may be a better option for some people.
With a RIO Mortgage, you’ll only pay the interest each month, similar to a standard interest-only mortgage. The main difference is that you won’t need to prove how you’ll repay the loan at the end of the term because this only needs to be repaid once your house is sold – which can be once you die or move into permanent care.
Affordability checks for RIO Mortgages are much more lenient than with standard mortgages, making them a great option for people who are not willing or able to take on the financial burden of a regular mortgage. You’ll usually need to be 50 or over to get a RIO mortgage and the property will need to be your main residence. One thing to note is that with joint applications, lenders will usually base your affordability on the lowest income only. This is to ensure you are still able to afford repayments in the event that one of the applicants passes away and the surviving applicant wants to stay in the home.
A RIO mortgage could be right for you if:
The newer type of Equity Release, known as a Lifetime Mortgage, offers similar benefits to a RIO Mortgage and may be the better option for some people. Both products allow you to access some of the equity in your home as tax-free cash to live a better life in retirement.
With a Lifetime Mortgage, you can choose for the interest to roll up into the loan, meaning you won’t have to pay any monthly repayments. Your loan will grow over time but you can live in your home until you die or move into permanent care and you’ll never go into negative equity. As the interest can roll up into the loan, you won’t need to pass any affordability checks, making Lifetime Mortgages the better option for people who are unable to afford monthly interest payments with a RIO Mortgage.
We can help you decide which product is right for your situation and we have a team of qualified Equity Release advisors ready to help you if you decide to go down this route.
To learn more about RIO Mortgages, please read our guide, ‘What Is A Retirement Interest-only (RIO) Mortgage?’ Or book a chat with one of our friendly advisors here.
We’ve won multiple ‘Best Advisor Firm’ awards from HLPartnership, one of the UK’s most respected mortgage broker bodies.
We consistently receive great reviews from our customers, and we’re rated 5* on
Trustpilot & Google Reviews!
We’ve been helping people like you for over 30 years. During this time, we’ve grown into one of the most trusted mortgage brokers in the South of England.
We make the mortgage process quick and easy. You’ll just need to chat to us once and then we’ll do all the hard work for you!
We’re a friendly team of real people in a real office, and we can help you in person, on the phone or via video call.
We’re not affiliated with any particular lender, which means we can recommend products based purely on your situation and needs.
We search deals from across the market to find the right mortgage for you, including specialist and exclusive deals that are only available through brokers like us.
We don’t run a credit check and we only apply for deals you’re likely to be accepted for – to protect your credit score and make your mortgage journey smoother.
Check out some of our helpful guides!
Common reasons for remortgaging when you’re over 60 or retired are to release equity from your home or to reduce
Retirement Interest-only (RIO) mortgages are designed for older homeowners who may not be eligible for a standard mortgage or remortgage.
As the population ages, more people are looking to take out a mortgage in later life or retirement and more
Our friendly advisors are ready to help you on the phone, via video call, or in person. Simply book a chat at a time that suits you!
We don’t just find you the right mortgage, we make it easy for you as well.
Spend seconds filling out a few questions online or give us a call to book your FREE consultation.
We'll find you the right deal, handle your application, and guide you through the whole process.
This one’s self-explanatory, just sit back and enjoy the fruits of your new mortgage!