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As a lender who is proud to provide mortgages to many customers in their later life, we are pleased to offer our range of Retirement Interest Only (RIO) mortgages.

Our RIO mortgage does not have a term end date giving you the flexibility to enjoy your home until a specific life event triggers the repayment of the mortgage. Your mortgage is not repaid to us until you either move into care or pass away.

Unlike Lifetime Mortgages, our RIO mortgage does not roll up interest. Each month you make payments which cover the interest. To give you peace of mind, we calculate your monthly payments so that when the time comes for you to repay the capital, it is only the amount you borrowed which needs to be repaid.

Our RIO is designed for over 65s who are looking to stay in their home and avoid downsizing.

Who are our RIO mortgages suitable for?

A RIO mortgage may be for you if:

  • your current interest only mortgage is coming to an end and you are unable to repay the capital balance, or you aren’t ready to downsize, or move into retirement accommodation

  • you want to release equity from your home without taking an equity release mortgage where the cost of interest rolls up; perhaps this may be to help your children or grandchildren onto the property ladder

  • you need a helping hand affording some home improvements in order to maintain a comfortable retirement lifestyle.

Full details of our RIO mortgage products can be found below.

RIO mortgages for purchase, remortgage, switching products and additional borrowing

RIO mortgages for existing borrowers only

Still have questions?

You can find our frequently asked questions here.

If you have questions or are still unsure whether our RIO mortgages are for you, we are here to help. Our dedicated New Business Team will be happy to provide you with more information on our RIO mortgages. 

 

Call Us On
03330 140 140
       

THE MORTGAGE WILL BE SECURED ON YOUR HOME

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOU MORTGAGE
                 

 

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Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
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