14:38 PM, 2nd July 2018, About 5 years ago
This new product has been incredibly popular with property118 readers and they have sent us an update as of Tuesday 3rd July:
The maximum loan size has increased to £1 million
Maximum property value is now £3 million
Now no minimum equity requirement
Hodge Lifetime have released a mortgage product first for the UK market called The 55+ RIO, which will become available from the 11th of June. ‘RIO’ stands for Retirement Interest Only Mortgage.
It is a residential interest only mortgage for over 55’s with no end date or term, which means it will take a borrower through to the end of their life and enables interest only payments until the borrower dies or goes into long term care when the capital the has to be repaid. This is not an equity release mortgage.
This mortgage is based on your main residence and is not a Buy to Let product:
The loan could be of specific benefit to home owners reaching the end of their existing interest only mortgage term and have no means of repaying the capital saving having sell up or cash in vital pensions or investments.
It can also assist borrowers who:
The Retirement Interest Only mortgage allows borrowers with reliable income streams to remortgage their home or purchase a new one. There’s no requirement to ever have to find a way to repay the capital, it’s automatically repaid when the house is sold.
If you require assistance with this type of loan or any property finance please complete the form below and I will be happy to help.
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