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Retirement Interes Only Mortgages Bristol

Retirement Interest Only Mortgages (RIO's)

From the 2023 Mortgage Broker of the Year for later life lending. RIO’s are an alternative to equity release which allow you to borrow against your home using your retirement income (normally from pensions).

The Retirement Interest Only Mortgage (sometimes called a ‘RIO Mortgage’) is available to people over 55. It’s a loan secured against your home. You pay the interest each month, which means the amount you owe doesn’t increase over time.


You can use it for most purposes (including paying off an existing mortgage). What’s more, you don’t have to repay the balance of the loan until you, or the last remaining borrower die or move permanently into long-term care.

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Clifton Bristol houses

This is a relatively new product. They are designed for retired clients who want to have access to a standard mortgage but who want to keep the cost down by not repaying the capital each month.

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Things you need to think about when considering a RIO

You have to pay the interest on this product each month, just like with a standard interest only mortgage. You can’t decide to roll up the interest or pause payments. As a result, your ability to afford the mortgage payments will be vigorously assessed. If you are applying as a couple, the lowest surviving income between you will be used to assess how much they will let you borrow.

Lenders will often take current and future income into account, however this can include investments or future pensions but will generally be retirement income.
Although the mortgage has no term, the rate of interest will normally be fixed for a set period. Typically this will be 2, 3, 5 or 10 years.

After that time you will move on to a Standard Variable rate and your payments could increase. The rate is not generally fixed for the life of the mortgage. They normally do not come with a drawdown facility.
An advantage of this can be that you are not tied in long term but at the same time you can find payments increase over time.

So if you’re looking for an award winning later life adviser approved by the Equity Release Council then contact us today.

Please feel free to use the contact form or book an appointment online. Visit out contact us page if you would like to call or email us.

Your Data

Financial Web Ltd Trading As Clifton Mortgages will be what is known as the ‘controller’ of the personal data you provide to us. We only collect basic personal data about you which does not include any special types of information or location-based information.

Why do you need my data and what will it be used for?

We need to know your basic personal data so we can make contact with you and respond to your message, request or query. All the personal data we process is processed by our staff in the UK.

Who is my data shared with?

Your data will only be shared with third parties if this is necessary to respond to your request. If this is the case, we will seek your permission before passing on your details.

How long do you keep my data for?

We may store your data for up to six years past the end of any business relationship, after which time it will be securely destroyed. If you would no longer like us to process your data at any time, you have the right to object to processing of your data. To do this, please contact [email protected]

What are my rights?

You have the right to object to the processing of your data. You also have the right to request access to your data at any time. You have the right to rectification and/or erasure of personal data or restriction of processing. If you wish to raise a concern related to how we have handled your personal data, you can contact us to have the matter investigated at [email protected]. If you are not satisfied with our response or believe we are processing your personal data not in accordance with the law, you can complain to the information commissioner’s office: https://ico.org.uk