Specialist Later Life Mortgages

We have a range of mortgages available for older borrowers who are looking for something outside our core range.

For those who are looking to enhance their retirement, our Retirement Lifestyle Booster could be suitable, or for those looking for an alternative to equity release, our RIO mortgages could be what they're after. All product information is available on this page.

Clients in the market for a younger model?

We have a wide variety of products available for older borrowers. Alongside our specialist later life Retirement Interest Only and Retirement Lifestyle Booster products which you can view on this page, our core mortgage product range is also available to older borrowers. 

A reminder of later life proposition for our core range:

  • We offer generous mortgage terms for older borrowers:
    - Owner Occupier Repayment mortgages – up to a maximum age of 95 at the end of the term.
    - Owner Occupier Interest-Only mortgages – up to a maximum age of 89 when the loan commences.
  • We’ll take into account earned income up to the age of 70 and pension income beyond that. (Age 75 for professionals considered).
  • We can also accept rental and investment income that can be evidenced on an SA302.

 

Retirement Interest Only (RIO) Mortgages

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Initial
Rate		 Initial
Rate Ends		 Follow On
Rate		 Max.
LTV		 Application
Fee		 Product
Fee		 Cashback on
Completion		 Repayment Interest
Only		 FTB

3.49% 5 year fixed rate Retirement Interest-Only

 Code XFZ008
30/09/2026 4.39% 50% £175* £999** £500^ No Yes No  
More details, fees & downloads Criteria A-Z Check affordability DIP Request Illustration Request Contact your BDM Online Application
  • Purpose - RIO applications for purchase, remortgage, product switch and additional borrowing
  • LTV - Maximum 50%.
  • *Application Fee - £175 + Valuation Fee for purchase and remortgage. See more details, fees & downloads for product switch and further advance fees.
  • Valuation Fees - Free for properties up to £500,000. For properties above £500,000 the standard valuation fee scale applies, less £330 discount. See more details, fees & downloads for product switch and further advance fees.
  • ~Product Fee - £999 for loans up to £500,000. For loans above £500,000 0.3% of the loan amount. See more details, fees & downloads for product switch and further advance fees.
  • ^Cashback - £500 for remortgage applications.
  • Early Repayment Charges - 5% until 30/09/2022, 4% until 30/09/2023, 3% until 30/09/2024, 2% until 30/09/2025, 1% until 30/09/2026
  • Overpayments - 10% per year allowed Early Repayment Charges free
  • Maximum loan - No maximum. Loans above £500,000 should be referred to us for specific agreement before submission of an application
  • Minimum loan - £45,000 for purchase and remortgage. £2,000 for further advance. No minimum for product switches.
  • Cost for comparison - 4.2% APRC
  • Additional criteria - The mortgage must complete by 01/11/2021

This mortgage product has limited funds and may be withdrawn at any time. This type of mortgage is available to applicants aged 65 and over for remortgage of properties in England or Wales.

WHO IS A RIO RIGHT FOR?

  • Clients who have an Interest Only mortgage coming to an end and are unable to repay the capital balance, or they are not ready to downsize or move into retirement accommodation.
  • Clients who want to release equity from their home but aren't keen on taking an equity release mortgage. 
  • Clients who want to free up some money to, for example, make home improvements whilst maintaining a comfortable retirement lifestyle.

REQUIREMENTS:

  • To apply for a RIO, our Owner Occupier Application Form must be completed along with a registered contact declaration form.
  • Your client(s) must be 65 or over and have at least 50% equity in their property. Other than that, our standard owner occupier lending criteria applies. 
  • Borrowers must continue to make monthly payments for an undefined term.
  • For joint applications borrowers must pass a predecease affordability assessment.
  • Your clients can find our FAQ's on our consumer website here.

WHAT IS A REGISTERED CONTACT AND WHY DOES MY CLIENT NEED ONE WITH A RIO MORTGAGE?

A registered contact is someone that your client has said they are happy for us to speak to if we can’t get hold of your client to discuss their mortgage.

If we’re able to, we will let your client know that if we don’t hear from them within a certain period, we will speak with their registered contact.

If your client has a RIO mortgage with someone else, each client must have a registered contact, and this is required for the life of the mortgage. Each client can have the same person as their registered contact, but they can’t nominate each other for their registered contact. 

The registered contact isn’t responsible for any obligations in respect of the mortgage. We will only give them information about your client's mortgage if we can’t contact them. They won’t be able to transact or make any changes to your client's mortgage.

We explain the registered contacts responsibilities in detail in our RIO registered contact declaration document.

 

Retirement Lifestyle Booster

Sort products by:
Initial
Rate		 Initial
Rate Ends		 Follow On
Rate		 Max.
LTV		 Application
Fee		 Product
Fee		 Cashback on
Completion		 Repayment Interest
Only		 FTB

3.44% 10 year discounted rate by 0.95% Retirement Lifestyle Booster

 Code XDR006
10 years 4.39% 25% £175* £999~ £500^ No Yes No  
More details, fees & downloads Criteria A-Z Check affordability DIP Request Illustration Request Contact your BDM Online Application
  • Purpose - Remortgage only
  • Discount - 0.95% discount applied to our Managed Mortgage Rate for 10 years
  • Minimum interest - 3.34%
  • LTV - Maximum 25%
  • *Application Fee - £175 + Valuation Fee
  • Valuation Fees - Free for properties up to £500,000. For properties above £500,000 the standard valuation fee scale applies, less £330 discount
  • ~Product Fee - £999 for loans up to £500,000. 0.3% of the advance for loans over £500,000
  • Additional benefits:
    - ^Cashback - £500 on completion for remortgage applications
  • Early Repayment Charges - 3% in the first year, 2% in the second year, 1% in the third year
  • Maximum loan - No maximum. Loans above £500,000 should be referred to us for specific agreement before submission of an application
  • Minimum loan - £45,000
  • Cost for comparison - 3.7% APRC
  • Additional criteria - Minimum property value is £240,000 if property owned outright or £180,000 if repaying existing mortgage

This mortgage product has limited funds and may be withdrawn at any time. This type of mortgage is available to applicants aged 60 and over for remortgage of properties in England or Wales.

To calculate what we may be able to provide for your client, use our Retirement Lifestyle Booster calculator.

Unique Features of the Retirement Lifestyle Booster

Monthly advances

Your client will be paid in the same monthly instalments on the 10th day of each month, for 10 years, unless your client wants to stop earlier. Any existing mortgage is repaid from the agreed loan at the start of the Retirement Lifestyle Booster.

Optional lump sum

We also provide the option for your client to borrow an initial lump sum at the start of their Retirement Lifestyle Booster to use as they wish. This will in turn affect the monthly loan available but provides an additional option for your client.

Repayments

Each month your client will only pay the 'average' interest due over the 10 years duration of the loan, rather than on the increasing balance built up over time. Then your client repays the loan by selling their home and moving somewhere less expensive.

10 year duration

This mortgage has a 10 year term on a discounted variable rate, which means your clients have the same product for the 10 year term. This gives your clients 10 more years of enjoying their home and making the most of their retirement, before deciding to move to a less expensive property.

Criteria checker

Can we help your client? Use our tool to find out.
Simply type your criteria to see our levels of acceptance and flexibility.

Find Your Local

Business Development Manager

Your Local BDM:

Arif Kara

Arif was previously a mortgage adviser, and focuses on North and West London. Contact Arif for help with your clients' mortgages.
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Your Local BDM:

Michelle Parry-Bunter

Michelle has worked for the Society for over a decade and focuses on the South Coast. Contact Michelle for help with your clients' mortgages.
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Your Local BDM:

Nathan Waller

Nathan, previously a mortgage broker, focuses on Cambridgeshire, East Sussex, Essex, Suffolk, Hertfordshire, Bedfordshire, Lincolnshire, Norfolk and Kent. Contact Nathan for help with your clients' mortgages.
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Your Local BDM:

Grace Bennett

Grace focuses around the West M25 area. Contact Grace for help with your clients' mortgages.
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Your Local BDM:

Darren Deacon

Darren has over 28 years' Financial Services experience and focuses on both the East & West Midlands as well as the Southwest. Contact Darren for help with your clients' mortgages.
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Your Local BDM:

Paul Roberts

Paul has over 30 years' experience and focuses on the North (inc. M62 corridor), Yorkshire & North East. Contact Paul for help with your clients' mortgages.
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We do not currently have a BDM covering your area. Please contact our Mortgage Helpdesk:

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