Deprecated: Required parameter $sftp follows optional parameter $storage_path in /home/kloutdoo/public_html/rateswitcher.co.uk/wp-content/plugins/duplicator-pro/lib/phpseclib/class.phpseclib.php on line 107
Retirement Interest Only Mortgages – Rate Switcher Find The Best Mortgage Deals

Rate Switcher Find The Best Mortgage Deals

07960 206428

Call Us Now To Switch Your Mortgage.

Mon - Fri: 9:00 - 20:00

Fee Free Mortgage Advice - Unlike Most Mortgage Advisers We Do Not Charge Broker Fees!

Retirement Interest Only Mortgages

Let us help find you the best retirement mortgage.

We can compare all lenders lenders fast.

It's Free and you will receive a cashback from us.

No hassle. No fees. No problem.

As you approach retirement, you might find it hard to renew your interest-only mortgage, even if you’re comfortably meeting your monthly repayments. At the same time, you might want to unlock some of the equity in your home. 

Find the Best Retirement Interest Only Mortgage

And Claim Your Cashback

See What Our Customers Think

They were very helpful in assisting me with my remorgage. Their communication is very good and I knew what was happening at each step in the process. Everyone I spoke to was professional and helpful.
M SheltonEssex
Wonderful service, professional and tailored to suit my needs. Would recommend to anyone
Ian SLondon
Excellent service with Sonja went the extra mile to ensure the mortgage was applied for. This wasn’t a straight forward remortgage with lots of extra work involved.
Emily BOxford
Excellent friendly and professional service. We have dealt with the same person throughout the process which is a bonus.
John CCambridge
Absolutely amazing service, as a first time buyer and having no idea how the application worked, Dean was very helpful, he answered any questions and updated me with the progress constantly.
Maire HLondon
Previous
Next

Fee Free Mortgage Advice - Unlike Most Mortgage Advisers We Do Not Charge Fees!

Retirement interest only mortgages (RIOMs) are a type of mortgage that is designed for people who are aged 55 or over and are approaching retirement or have already retired. With RIOMs, borrowers only pay the interest on the loan, rather than the principal (the amount borrowed). This means that their monthly mortgage payments are lower than they would be with a traditional mortgage.

The principal amount of the loan is repaid when the property is sold, usually after the borrower has passed away or moved into long-term care. The sale proceeds are then used to pay off the outstanding balance of the mortgage.

RIOMs can be an attractive option for those who want to free up some cash during retirement, as the lower monthly payments can help to increase their disposable income. However, it’s important to note that the interest on the loan will continue to accrue over time, which means that the overall cost of the mortgage will be higher than with a traditional mortgage.

It’s also worth noting that not all lenders offer RIOMs, and those that do may have stricter eligibility criteria than with traditional mortgages. As with any financial product, it’s important to do your research and seek professional advice before making a decision.

Services

Important Information