Abingdon Living Jan - Feb 2020

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All you need to know about Retirement Interest-Only (RIO) mortgages It’s been over a decade since the 2008 financial crash shook the world and wiped £90 billion off the value of the UK’s biggest companies. As a result, borrowing became more difficult for those heading into their later years with many lenders lowering their maximum lending age limit and reducing the provision of interest-only mortgages. However, since the Financial Conduct Authority (FCA) recently improved access to mortgage borrowing for those in retirement, the door finally reopened for everyone seeking finance; no matter their age. What is a RIO mortgage? RIO mortgages – short for Retirement Interest-Only – allow borrowers to pay a monthly interest payment with no set end date as it will run until a ‘significant life event’, such as the homeowner moving into long-term care or dying. It is at this point the mortgage is repaid by the sale of the mortgaged property. Who eligible for a Newbury Building Society RIO mortgage? Our RIO mortgage is designed to support borrowers in later life who either want to move or do not want to downsize their current property and wish to remain in their home. We lend to those aged 60 and above who are retired and in receipt of their pension or other ongoing income. Why might a person want to borrower in later life? There are many reasons why older borrowers might want to take out a mortgage: • To purchase a retirement property which better suits their needs as they get older • To fund home improvements or extend their property • To release cash to top up their pension income • To gift funds to a loved one looking to step onto the property ladder Is a RIO mortgage different to that of a standard residential mortgage? A RIO mortgage is very similar to that of a standard residential mortgage, with two key differences: 1. The loan is usually repaid when the borrower either sells the house, moves into long-term care or dies 2. The borrower only has to prove they can afford the monthly interest repayments because the method of repayment the loan is already agreed Essentially, the ‘retirement’ element of the mortgage means there is no defined end date the capital has to be repaid by. Our mortgage appointments can be undertaken in branch, by telephone or by video link. If you would like to talk to a qualified mortgage adviser about RIO mortgages, contact us to book an appointment. Abingdon branch, 1 West St. Helen Street, Abingdon, OX14 5BL Call: 01235 527750 or email: abingdon@newbury.co.uk Julie Harris, Abingdon Senior Branch Manager YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Always speak to an independent financial adviser who will explore your options with you and determine which route suits your circumstances. Newbury Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 206077). 7464 Newbury Building Society
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Abingdon Living Jan - Feb 2020

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