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Retirement Mortgages. Deals from leading UK lenders including mortgages for over 60s.

Use our enquiry form below or call us on 0117 403 3464 if you require advice on your options.

Some lenders allow you to borrow up to age 90 on an interest only basis.

Free up funds from your home so you can live the life you want to.

This makes our LTV . Invalid LTV.

Call Royal Bank Of Scotland 0800 096 7447
Royal Bank Of Scotland logo
Tracker Mar-2022 From Royal Bank Of Scotland
Initial rate 1.24% Mar-2022
Maximum LTV 60%
Overall cost of comparison 3.8% APRC
See deal
£250 Cashback
Offer: Market Leading Tracker Deal. No Valuation fee. Interest Only Option
Call Post Office 0808 178 6813
Post Office logo
Fixed Jan-2022 From Post Office
Initial rate 1.27% Jan-2022
Maximum LTV 60%
Overall cost of comparison 4.2% APRC
See deal
Call Royal Bank Of Scotland 0800 096 7447
Royal Bank Of Scotland logo
Tracker Mar-2022 From Royal Bank Of Scotland
Initial rate 1.33% Mar-2022
Maximum LTV 60%
Overall cost of comparison 3.9% APRC
See deal

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

This comparison simply includes all mortgage services

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Get A Great Retirement Mortgage Deal

We are 100% independent. Find the best mortgage rates from UK lenders if you are in or approaching retirement.

Mortgages Direct provides an independent mortgage quotes and advice service. When you submit this form you will be contacted by a regulated mortgage adviser to discuss your options.

How To Get A Retirement Interest Only Mortgage

The good news is that last year the Financial Conduct Authority (FCA) announced plans to bring back interest only mortgages for older borrowers.

This was a response to the fact that nearly 2 million people in the UK are currently sitting on a interest only mortgage with no way to repay other than selling up with not enough equity to downsize property.


CASE STUDY

Retirement Mortgages

Mr & Mrs Johnson are coming to the end of the term of their existing mortgage with HSBC and have a shortfall of £75,000 which needs to be paid back in 6 months time.

They have children who have moved away from home but downsizing their property is not a preferred options as they are well situated for their grandchildren and have work within their community which they are committed to. 

HSBC will not extend the term of their mortgage and their remortgage options are limited.

A retirement mortgage would allow the Johnsons the peace of mind that they can stay in their home making mortgage payments on an interest only basis, but with the option to make overpayments to reduce the capital balance.

The knowledge that the mortgage could be paid off on death or going into long term care is also an important consideration for them.

A £75,000 lifetime mortgage could be offered to the Johnsons.

There would be a requirement for Mr Johnson to provide a 50% pension from his pension fund in the event of his death to ensure that the mortgage was affordable.

Loan required: £75,000 Property value: £300,000

 Mr Johnson  Mrs Johnson
 Age  62  57
 Salary  £29,000 pa  £12,000 pa
 State Pension  Full State Pension at 65   Full State Pension at 66 
 Pension Provision  £250,000 Pension Fund  £10,000 Pension Fund

RIOs (Retirement Interest Only Mortgages) are standard mortgages designed for older borrowers to access later life lending options as their existing mortgage comes to an end.

With RIOs the main benefit is that your monthly repayment can stay on an interest only basis with repayment of the mortgage due on your death or if you need to move into a care home. This provides a lot of flexibility to homeowners who previously may have been facing the prospect of having to move.

A retirement interest only mortgage is designed to:

  • Help you renew your mortgage as you approach retirement
  • Help you release equity from your home

What exactly is a retirement interest only mortgage?

A RIO is similar to a standard interest only mortgage but with two main differences:

  1. The mortgage is only paid off when you sell the house, move into long term care or die
  2. You only have to prove you can afford the monthly interest repayments

They are available to over 55s and are similar to equity release schemes such as a lifetime mortgage where you pay off the capital and interest when you die or move into long term care.

Retirement Interest Only Mortgage - What Can I Borrow?

This will depend on the lender...

With a RIO (retirement interest mortgage) typically this will be based on affordability, so your retirement income and personal expenditure will determine how much you can borrow.


Independent Advice On borrowing In Retirement

If you are not sure about your retirement mortgage options we can offer impartial advice - complete the enquiry form above or call us on 0117 403 3464

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For more information on how a lifetime mortgage could work for you call us on 0117 403 3464

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Latest news

Cost of fixed rate mortgages have started to increase as Bank of England rate rise looms

A number of high street banks have started to increase their mortgage rates. The reason for this is that banks are having to pay more to access the funds they lend out to UK homeowners.

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We've been comparing and recommending mortgage deals for many years so you can trust you're in good hands.