RIO IS A NEW TYPE OF MORTGAGE THAT WE CAN HELP LATER-LIFE BORROWERS WITH

“RIO” or Retirement Interest Only mortgages, are a relatively new addition to the mortgage market, and come as good news to older borrowers who may not have been eligible for interest-only mortgage loans before now.

Although targeted at later-life borrowers, it’s important for us to highlight that a RIO mortgage isn’t the same as a lifetime (or equity release) product because the interest payable isn’t rolled up. A monthly payment is made for the interest, having the effect of preserving the outstanding equity in your home. Please note that Fowley Mortgage & Financial Services doesn’t currently offer an advice service for equity release products, but we can of course offer advice on the RIO market should you wish to explore the possibilities.

Whether you are coming to the end of your current mortgage and need to re-finance, or would like to raise funds for home improvements, contact Experts 4 Mortgages for impartial advice. As with all mortgages, we source products from the whole-of-market, finding you the best deal for your circumstances.