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EQUITY RELEASE WILL REDUCE THE VALUE OF YOUR ESTATE AND MAY AFFECT YOUR ENTITLEMENT TO MEANS-TESTED BENEFITS
How a RIO Mortgage Works
A RIO mortgage works like a normal interest-only mortgage, but it has no fixed end date. You pay the interest each month, so the amount you owe stays the same.
The loan is paid back when your home is sold. This is often after the last borrower dies or moves into long-term care, but you can also choose to sell and repay it sooner.
Our team is based at Pride Park in Derby, and we advise clients across the UK by phone, by video call or in person.
What People Use a RIO Mortgage For
Replacing an interest-only mortgage
Your old mortgage is ending and you cannot repay it. A RIO mortgage can let you stay in your home.
Raising money
Release cash for your plans and keep paying just the interest.
Home improvements
Adapt or improve your home so you can stay there longer.
Helping family
Give family a deposit or other help while the debt stays level.
Clearing debts
Pay off loans or cards. We explain the full cost before you decide.
RIO Mortgage or Equity Release?
See the two main later life options side by side, or call us for a chat.
Is a RIO Mortgage Right for You?
A RIO mortgage may suit you if
- You have a steady pension or other income for life
- You want the amount you owe to stay the same
- You want to leave more of your home’s value to family
- You are happy to make a payment each month
Things to think about
- You must keep up the monthly payments for life
- If one of you dies, the other must still afford the payments
- Your home may be repossessed if you do not keep up repayments
- Not every plan has a no negative equity guarantee
How It Works
Talk to us
We look at your income, your home and what you want to achieve.
Check your options
We compare RIO mortgages with other options, including equity release.
Recommend
We explain our recommendation in writing, with the costs and the risks.
Apply
We handle the application and keep you updated until the loan completes.
Guides and Tools
RIO Mortgage FAQs
A RIO mortgage is a mortgage for older borrowers where you pay only the interest each month. It has no fixed end date. The loan is repaid when your home is sold, often after the last borrower dies or moves into long-term care.
Each lender sets its own age limits. Many start at 55, and some have no upper age limit. We know which lenders suit your age.
It depends on your income and the value of your home. The lender checks you can afford the interest from your pension or other income. If you are a couple, it also checks that one of you could pay alone.
With a RIO mortgage you pay the interest each month, so the debt stays the same. With a lifetime mortgage you can choose not to make payments, so the interest is added to the loan and the debt grows.
Yes. The loan runs until the last borrower dies or moves into long-term care, so the other person can stay in the home. The lender checks that either of you could afford the payments alone.
Your home may be repossessed if you do not keep up repayments. Before we recommend a RIO mortgage, we look at how your income may change, including if one of you dies.
Our fee depends on your case. Before we start any work, we will tell you if there is a fee, how much it is and when you pay it. We may also receive a commission from the lender, and we will tell you about this.
Yes, and we encourage it. Family can join meetings in person, by phone or by video call. You can also get advice from your own solicitor.
Ready to Talk?
Leave your details and one of our team will call you back. There is no pressure to go ahead.
Your home may be repossessed if you do not keep up repayments on your mortgage. A retirement interest only mortgage is a loan secured against your home. Think carefully before securing other debts against your home. Mortgage & Finance Arena Ltd is authorised and regulated by the Financial Conduct Authority (FCA No. 706676).
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Honest opinions from people like you
There simply are no superlatives sufficient to thank you for your fantastic service! I would highly recommend mortgage and finance area to any of my friends or family looking for a mortgage. You’ve made our dreams come true! The team go above and beyond to make everything so easy.
The advice and financial services I have recently had from Charlotte at Morgage And Finance Ltd in Derby has been first class. Very professional, helpful, efficient and supportive. I wholeheartedly recommend them.
Suzanne and Charlotte were amazing and made the process of buying our first home completely stress-free for us. They were both on hand if we ever had any problems/questions and always responded with knowledgeable and completely honest answers. I would highly recommend.
If I could rate this company more than 5 stars I would. I cannot fault the service and support my partner and I have received whilst getting our first mortgage together. Ian and Megan have been amazing, making the process completely stress free. They were both on hand if we ever had any questions. I would highly recommend. Thank you!
There simply are no superlatives sufficient to thank you for your fantastic service! I would highly recommend mortgage and finance arena to any of my friends or family looking for a mortgage. You’ve made our dreams come true! The team go above and beyond to make everything so easy.