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You could free up some funds in retirement by taking out a Retirement Interest Only mortgage. Often known as RIO mortgages, they allow you to take out a loan against the value of your home. You then repay the interest every month, but not the capital of the loan.
The loan amount tends to be repaid when your home is sold. This could be when you pass away or move into long-term care.
As with any mortgage, the loan will be secured against your home. If you don't keep up with your monthly payments, your home may be repossessed.
Saga Mortgages can help you explore Retirement Interest Only mortgages and other later life lending options. We partner with Tembo, who are an award-winning digital mortgage broker. They provide expert advice and access to hundreds of mortgage deals.
It’s quick and easy to see your mortgage options. Register your details and complete our online fact find. You'll then see examples of relevant products, costs and interest rates.
If you’re eligible, we’ll also invite you to book a free advice session with a mortgage advisor. They will talk through your options in more detail and answer any questions you have. The session is relaxed, and you won’t feel any pressure to proceed.
Have questions about Retirement Interest-Only mortgages or just want to find out more? You can speak to an expert seven days a week.
Mon-Thu 9am-8pm
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Sat-Sun 10am-3pm
This depends on the lender’s criteria. You normally need to be over the age of 55 or 60. And you need to live in or be buying a property in England, Wales or Scotland.
This depends on your affordability. Some lenders allow you to borrow up to 85% of your home’s value. But some lenders may offer lower than this. Your income will be assessed, as well as your expenses and your credit score.
No, you do not have to be retired to apply. You could be fully retired, a full-time worker or a part-time worker.
There are alternatives to Retirement Interest-Only mortgages you can consider. For some borrowers, a standard interest-only mortgage may be more suitable as this could allow you to access lower rates, making your monthly costs more affordable.
Borrowers who have a generous pension income and want to remortgage their property, but exceed the maximum age of a traditional mortgage could also consider a Retirement Capital and Interest (RCI) mortgage. This works like a standard repayment mortgage because it has a fixed end date and you repay the debt as well as the interest, but it has a flexible upper age limit based on your life expectancy.
If you want to release money to supplement your children or grandchildren’s house deposit, you could also consider a Deposit Boost or Savings as Security mortgage. If you are under the age of 60, another way you could help your loved ones get their first home is by becoming their guarantor through an Income Boost.
For others, a lifetime mortgage, or equity release product may be more suitable.
With a Retirement Interest Only mortgage, you pay a premium for having a mortgage with no end date. Instead, the mortgage will continue until the property is sold, you pass away, or move into long term care. This can often mean that interest rates on RIO mortgages are higher than a Standard Interest Only mortgage.
If you are eligible for a Standard Interest Only deal, it can be better to go for this option instead of a RIO mortgage to access a lower mortgage rate.
Lenders tend to assess your earnings from a range of sources including full-time work, self-employment, pensions and rent. Make sure you can show proof through documents like bank statements and pay slips.
Yes, it’s possible to move house if you have a Retirement Interest Only mortgage. This is good news if you plan to downsize or move in the future.
Yes, it’s possible to remortgage if you have a Retirement Interest Only mortgage. If you switch lenders or want to increase your loan, you'll have another full affordability assessment. If you don't pass it, the lender won’t approve your remortgage. Getting help from Saga Mortgages can help you avoid this, as we know which lenders are most likely to approve you.
It’s possible to repay the mortgage loan early by selling the property. However, some lenders may also let you make capital repayments during the mortgage term.
As with a normal mortgage, your lender will try their best to help you find a way to manage your costs. However, if you still can't afford to repay, the lender may repossess your property. This is always a last resort.
Saga Mortgages is a service provided by Tembo, available exclusively to Saga. You’ll benefit from their award-winning advice from a friendly, experienced team of mortgage professionals, who are available 7 days a week.
They’ll search all the available options to find the best option and mortgage rate for you, including specialist products bespoke to Saga Mortgages.
Through the Saga Mortgage service, you can book a session with Tembo's award-winning mortgage advisors. Simply complete our online fact find and, if you’re eligible, you’ll be invited to book a session.
The team is available seven days a week, ready to answer any questions you may have.
With Saga Mortgages, you could access deals from high-street lenders like Nationwide, Halifax, Lloyds, Barclays and HSBC. We also offer access to specialist lenders like Livemore and Generation Home.
All mortgage advice through Saga Mortgages is provided by Tembo Money Limited. They are regulated by the Financial Conduct Authority (FCA) under the registration number 952652. Their team of mortgage advisors can provide guidance on remortgaging, family mortgages and later life lending.
If all the people named on the mortgage have died, the property will be sold, and the funds will be used to settle the loan. The loan could also be repaid using other means by the beneficiaries of the will.
If one person dies, but the other mortgage holder(s) are still alive, they continue to repay the interest if possible. Mortgage affordability is worked out using the lowest earner’s income. This lowers the risk that a surviving mortgage holder can't afford the loan.
If you think you won’t be able to repay, you should contact your lender. Speak to them as soon as possible, ideally before you miss a payment. They will discuss what options are available to you. As a last resort, this could mean selling the home to repay the loan.
Your home may be repossessed if you fail to repay your mortgage. Saga Money may receive payment from Tembo if you get a mortgage offer via the Saga Mortgages service. This will not affect the amount you pay for the service.
Saga is a registered trading name of Saga Personal Finance Limited, which is registered in England and Wales (company number 3023493). Registered office 3 Pancras Square, London, N1C 4AG. Saga Personal Finance Limited is authorised and regulated by the Financial Conduct Authority under the registration number 178922.
Tembo Money Limited (12631312) is a company registered in England and Wales with its registered office at 18 Crucifix Lane, London, SE1 3JW. Tembo is authorised and regulated by the Financial Conduct Authority under the registration number 952652. Tembo Money was awarded Best Mortgage Broker at the British Banking Awards in 2022 and 2023.
There's plenty to explore and learn about our mortgage products and discover what else Saga has to offer.