Retirement Interest Only
Retirement interest only mortgages (RIOs) are a relatively new set of mortgage products designed to help older borrowers who may struggle to get a standard residential mortgage borrow against their property. A RIO mortgage is similar to a standard interest-only mortgage, with two main differences:
The mortgage loan is usually only paid off when you die, move into long term care or sell the house. The mortgage loan is usually only paid off when you die, move into long term care or sell the house. Retirement interest-only mortgages are generally aimed at older borrowers – although there is no minimum age limit, they marketed to the over 55s, over 60s and pensioners who might find them easier to qualify for than a typical interest-only mortgage
In this way, they’re similar to types of equity release schemes like a lifetime mortgage, where you pay-off the original capital and possibly any interest when you die or move into long-term residential care.
There are two parts to paying off a retirement interest-only mortgage. The interest and the outstanding capital.
During the term of the mortgage, you will make monthly repayments to cover the cost of the interest on your loan.
The outstanding capital you still owe will be paid off when the house is sold, you die, or when you move into long-term care. This means that theoretically you should be more likely to have something to pass on as an inheritance, or have the ability to pay for long-term care should you need to.
There are pro’s and cons to be aware of when considering this mortgage
No need to demonstrate a suitable plan for repaying the mortgage.
More likely to have something to pass on as inheritance should you die.
Interest will not be rolled up – which is when interest builds and builds – like with equity release.
Avoid having to downsize to a smaller property.
The loan term is not fixed.
Generally cheaper when compared to most Lifetime Mortgages – better rates.
You can unlock some of the equity in your home to pay off outstanding debt.
You will need to pass the mortgage affordability checks to prove you can afford the interest only repayments.
Your home will be sold off to repay the loan when you die, enter long-term care or sell your home.
Your home is at risk if you do not keep up the repayments.
The amount you can borrow is based on your retirement income and your loan to value ratio.
Retirement interest-only mortgages can be offered by traditional mortgage lenders, including high street banks and building societies.
Are you considering remortgaging a retirement interest-only mortgage? Well, you will be pleased to hear it is possible but, you may have to undergo another affordability assessment, if switching lenders or looking to increase the size of your mortgage borrow, which could be difficult for some people.
If you’re looking for a retirement interest only mortgage, and want to find out more about them, then we can connect you with qualified Advisors. We do not offer these products.
Read some of our blogs specifically for First Time Buyers
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🏡 Ready to build your dream home? You`ll need a self-build mortgage that`s right for you...
With most self-build mortgages, the money is paid out after each stage of completion. But did you know that some self-build mortgages release the money required at the start of each stage?
This is particularly useful if you don`t have the cash up front to pay your builders or buy materials.
Interest rates on self-build mortgages tend to be higher than on standard mortgages, so it`s important to shop around before you decide which mortgage is right for you.
Let us help you find the right self-build mortgage to make your dream home a reality!
Send us a message, or give us a call on 0800 612 5596
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
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🏡 Ready to build your dream home? You`ll need a self-build mortgage that`s right for you...
With most self-build mortgages, the money is paid out after each stage of completion. But did you know that some self-build mortgages release the money required at the start of each stage?
This is particularly useful if you don`t have the cash up front to pay your builders or buy materials.
Interest rates on self-build mortgages tend to be higher than on standard mortgages, so it`s important to shop around before you decide which mortgage is right for you.
Let us help you find the right self-build mortgage to make your dream home a reality!
Send us a message, or give us a call on 0800 612 5596
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#selfbuildjourney #buildingourhome #buildingahouse #selfbuildhomes #housegoals #selfbuilduk #newbuildjourney #mortgagebroker #mortgagetips #southcoastuk
We`ll help you navigate every stage of finding and applying for a mortgage, including all the paperwork! Leaving you to enjoy the experience of buying your new home 💫
The best bit? We don`t charge a broker fee!
Send us a DM or give us a call on 0800 612 5596.
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#homebuyer #movinghouses #homebuyingprocess #homebuyersguide #housemovers #buyingahome #ukproperty
We`ll help you navigate every stage of finding and applying for a mortgage, including all the paperwork! Leaving you to enjoy the experience of buying your new home 💫
The best bit? We don`t charge a broker fee!
Send us a DM or give us a call on 0800 612 5596.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#homebuyer #movinghouses #homebuyingprocess #homebuyersguide #housemovers #buyingahome #ukproperty
Life can get pretty busy, so we offer out-of-hours appointments that work for you. Whether it`s an evening or a weekend, in person or over the phone, we`re here when you need us.
Tap the link in our bio to learn more.
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#wellingtonsomerset #southcoastuk #mortgagebroker #mortgageuk #mortgagespecialists #nobrokerfee
Life can get pretty busy, so we offer out-of-hours appointments that work for you. Whether it`s an evening or a weekend, in person or over the phone, we`re here when you need us.
Tap the link in our bio to learn more.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#wellingtonsomerset #southcoastuk #mortgagebroker #mortgageuk #mortgagespecialists #nobrokerfee
Although a mortgage is a long-term financial commitment, you don’t have to stay with the same product or lender for the whole term.
In fact, you should regularly review your mortgage, making sure it`s still suitable for your needs and the rate remains competitive.
We can help you assess whether things have changed since you took your original mortgage or are likely to change in the future. And offer advice on the suitability of your current mortgage.
Send us a DM or call us on 0800 612 5596 to chat to one of our mortgage advisors.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#homeownerlife #homeownertips #mortgageuk #mortgageadvice #mortgageexperts #mortgagetips
Although a mortgage is a long-term financial commitment, you don’t have to stay with the same product or lender for the whole term.
In fact, you should regularly review your mortgage, making sure it`s still suitable for your needs and the rate remains competitive.
We can help you assess whether things have changed since you took your original mortgage or are likely to change in the future. And offer advice on the suitability of your current mortgage.
Send us a DM or call us on 0800 612 5596 to chat to one of our mortgage advisors.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#homeownerlife #homeownertips #mortgageuk #mortgageadvice #mortgageexperts #mortgagetips
While contents insurance might offer some protection for items away from home, it`s usually limited and doesn`t cover all losses.
That`s where Personal Possessions Insurance comes in - typically offering full-value protection for things like phones, laptops, headphones, and cameras, no matter where you are.
Unsure what your current policy covers? Give Kelly, our insurance advisor, a call. She`ll review your policy and make sure you`re fully protected. And if you need additional coverage, she`ll help you find the right fit for your needs.
...
#personalpossessionsinsurance #contentsinsurance #homeownerhacks #insurancetips #insurancebroker #dorsetlife
While contents insurance might offer some protection for items away from home, it`s usually limited and doesn`t cover all losses.
That`s where Personal Possessions Insurance comes in - typically offering full-value protection for things like phones, laptops, headphones, and cameras, no matter where you are.
Unsure what your current policy covers? Give Kelly, our insurance advisor, a call. She`ll review your policy and make sure you`re fully protected. And if you need additional coverage, she`ll help you find the right fit for your needs.
...
#personalpossessionsinsurance #contentsinsurance #homeownerhacks #insurancetips #insurancebroker #dorsetlife
Meet Andrew (a.k.a. The Boss)
With a 25-year career in the British Army, Andrew launched YES Mortgage Services in 2014.
No stranger to the beautiful South Coast, Andrew bought his first house in Bovington and has called it home ever since. Now, he`s helping others get onto the property ladder from our Main Office in Mannington!
When he`s not hard at work, Andrew is a family man – happily married to Amanda and proud father of James and Jacob.
Their weekends are filled with exciting family adventures and cheering on their favourite rugby teams. As a die-hard fan, Andrew eagerly awaits the Army v Navy match every year!
With his extensive knowledge and passion for all things mortgage, Andrew helps make the process stress-free and easy to understand.
Meet the rest of our team via the link in our bio.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #mortgagespecialists #nobrokerfee
Meet Andrew (a.k.a. The Boss)
With a 25-year career in the British Army, Andrew launched YES Mortgage Services in 2014.
No stranger to the beautiful South Coast, Andrew bought his first house in Bovington and has called it home ever since. Now, he`s helping others get onto the property ladder from our Main Office in Mannington!
When he`s not hard at work, Andrew is a family man – happily married to Amanda and proud father of James and Jacob.
Their weekends are filled with exciting family adventures and cheering on their favourite rugby teams. As a die-hard fan, Andrew eagerly awaits the Army v Navy match every year!
With his extensive knowledge and passion for all things mortgage, Andrew helps make the process stress-free and easy to understand.
Meet the rest of our team via the link in our bio.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #mortgagespecialists #nobrokerfee
More and more investors are deciding to buy properties within a Limited Company to keep things tax efficient.
But when it comes to refinancing or purchasing a new investment property, the process of getting a mortgage can feel challenging.
But not anymore!
Our Specialist Mortgage Advisors know which Mortgage Lenders are used to working with Limited Company Buy to Let portfolios. They`ll find you the most suitable deal and save you time and money by managing your mortgage application from start to finish.
Visit our website to learn more (🔗 in bio)
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Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
Before pursuing Limited Company Buy To Let we recommend you seek advice from a tax expert.
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#buytolet #mortgageadvice #mortgagebroker #propertyinvestment #limitedcompanybuytolet #propertyinvesting #buytoletmortgage
More and more investors are deciding to buy properties within a Limited Company to keep things tax efficient.
But when it comes to refinancing or purchasing a new investment property, the process of getting a mortgage can feel challenging.
But not anymore!
Our Specialist Mortgage Advisors know which Mortgage Lenders are used to working with Limited Company Buy to Let portfolios. They`ll find you the most suitable deal and save you time and money by managing your mortgage application from start to finish.
Visit our website to learn more (🔗 in bio)
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
Before pursuing Limited Company Buy To Let we recommend you seek advice from a tax expert.
...
#buytolet #mortgageadvice #mortgagebroker #propertyinvestment #limitedcompanybuytolet #propertyinvesting #buytoletmortgage
All lenders have different forms of acceptable income.
Your salary is an obvious form of income. But there are some lenders who will accept alternative forms of income and not just your salary, things like;
👉 Zero hours contacts
👉 Foster parent income
👉 Rental income
👉 DWP income & allowances
👉 Irregular commission
👉 Bonuses & shift allowances
By discussing your whole situation and income with one of our Mortgage Advisors, we can explain which lenders are most likely to accept your income.
Give us a call on 0800 612 5596 or tap the link in our bio to learn more.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#buyingahouse #homebuyersguide #moneyeducation #housebuying #mortgagetips #mortgageadvice
All lenders have different forms of acceptable income.
Your salary is an obvious form of income. But there are some lenders who will accept alternative forms of income and not just your salary, things like;
👉 Zero hours contacts
👉 Foster parent income
👉 Rental income
👉 DWP income & allowances
👉 Irregular commission
👉 Bonuses & shift allowances
By discussing your whole situation and income with one of our Mortgage Advisors, we can explain which lenders are most likely to accept your income.
Give us a call on 0800 612 5596 or tap the link in our bio to learn more.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#buyingahouse #homebuyersguide #moneyeducation #housebuying #mortgagetips #mortgageadvice
Tired of trawling through mortgage deals?
Let us guide you through your options and help you find the right mortgage for your needs.
We have access to a comprehensive panel of lenders to ensure we research the most suitable mortgage solution for your situation.
And we`ll be by your side every step of the way, from understanding your financial situation to guiding you through the mortgage application process.
The best bit? We don`t charge a broker fee!
Get in touch for a chat on 0800 612 5596 or tap the link in our bio to learn more!
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#mortgageadvisor #nobrokerfee #dorset #dorsetbusiness #ukmortgages #mortgagespecialists
Tired of trawling through mortgage deals?
Let us guide you through your options and help you find the right mortgage for your needs.
We have access to a comprehensive panel of lenders to ensure we research the most suitable mortgage solution for your situation.
And we`ll be by your side every step of the way, from understanding your financial situation to guiding you through the mortgage application process.
The best bit? We don`t charge a broker fee!
Get in touch for a chat on 0800 612 5596 or tap the link in our bio to learn more!
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#mortgageadvisor #nobrokerfee #dorset #dorsetbusiness #ukmortgages #mortgagespecialists
To move or not to move? That is the question!
Making the decision to move home is a personal one and depends on your unique circumstances. But here are some things to consider when weighing the pros and cons:
✅ A fresh start - If you’re feeling stuck in a rut or just need a change of scenery, moving home can be the perfect way to start over.
✅ Closer to loved-ones - If you’re moving to be closer to family or friends, it can make the transition much easier.
✅ More space - If you’re cramped for space in your current home, moving to a bigger property can be a great solution.
❌ Cost of moving - Moving home can be an expensive process, especially if you’re hiring professional help to do the heavy lifting.
❌ Packing and unpacking - If you’re not prepared for the amount of work involved, it can be very overwhelming.
❌ Adjusting to a new home - Adjusting to a new home can be difficult, especially if you’re used to your current surroundings.
...
#movinghouse #buyingahouse #letsbuyahouse #housemove #newhome #housebuyingtips #movinghomes
To move or not to move? That is the question!
Making the decision to move home is a personal one and depends on your unique circumstances. But here are some things to consider when weighing the pros and cons:
✅ A fresh start - If you’re feeling stuck in a rut or just need a change of scenery, moving home can be the perfect way to start over.
✅ Closer to loved-ones - If you’re moving to be closer to family or friends, it can make the transition much easier.
✅ More space - If you’re cramped for space in your current home, moving to a bigger property can be a great solution.
❌ Cost of moving - Moving home can be an expensive process, especially if you’re hiring professional help to do the heavy lifting.
❌ Packing and unpacking - If you’re not prepared for the amount of work involved, it can be very overwhelming.
❌ Adjusting to a new home - Adjusting to a new home can be difficult, especially if you’re used to your current surroundings.
...
#movinghouse #buyingahouse #letsbuyahouse #housemove #newhome #housebuyingtips #movinghomes
If you’re self-employed and looking to get a mortgage, there`s a few things you should take into account.
👉 Lenders will typically require proof of income and tax returns for the past three years in order to assess your affordability.
👉 They will also ask for additional information, such as bank statements and invoices.
👉 As a self-employed borrower, you may be considered a higher risk by lenders, so it’s worth shopping around to find a deal that’s right for you.
We`re here to help you navigate the self-employed mortgage process. Give us a call on 0800 612 5596 to arrange a chat.
We are available outside usual working hours, and we don`t charge a broker fee 🌟
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#selfemployedmortgages #selfemployed #bournemouthbusiness #smallbusiness #mortgagetips #mortgagesuk
If you’re self-employed and looking to get a mortgage, there`s a few things you should take into account.
👉 Lenders will typically require proof of income and tax returns for the past three years in order to assess your affordability.
👉 They will also ask for additional information, such as bank statements and invoices.
👉 As a self-employed borrower, you may be considered a higher risk by lenders, so it’s worth shopping around to find a deal that’s right for you.
We`re here to help you navigate the self-employed mortgage process. Give us a call on 0800 612 5596 to arrange a chat.
We are available outside usual working hours, and we don`t charge a broker fee 🌟
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#selfemployedmortgages #selfemployed #bournemouthbusiness #smallbusiness #mortgagetips #mortgagesuk
"I`d heard about Yes Mortgages via word of mouth and hadn`t heard a bad word word, now I know I why."
Maybe you’re looking to buy your first home. Or refinance the one you’re already in 🏡. No matter your situation, our personal goal is to see that it ends with you getting the loan you need when you need it. At the rate you deserve. And with a level of care beyond anything you expect 🌟
Tap the link in our bio to learn more.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #mortgagespecialists #nobrokerfee
"I`d heard about Yes Mortgages via word of mouth and hadn`t heard a bad word word, now I know I why."
Maybe you’re looking to buy your first home. Or refinance the one you’re already in 🏡. No matter your situation, our personal goal is to see that it ends with you getting the loan you need when you need it. At the rate you deserve. And with a level of care beyond anything you expect 🌟
Tap the link in our bio to learn more.
...
Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.
...
#bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #mortgagespecialists #nobrokerfee
