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RIO to move to a more expensive house

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RIO to move to a more expensive house

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I wonder if someone with a good knowledge of this area can give some thoughts please. As background - late 60's, mortgate free property, healthy income, limited savings. I wish to move from a reasonably cheap area to a fairly expensive area. To be near children etc etc. An extra 50K plus 15K moving expenses would do it. Is it feasable or indeed routine to find a broker/lender who will agree a RIO of (say) 75K prior to moving to be secured on the new property. Income will stack up. Equity ratio on the new loan would be in the region of 80/20. (20%, of course, being the borrowing.) Just seems a couterintuitive thing to do but I can't think why not! Thanks for your help.


  • JMA74JMA74 Forumite
    1.6K posts
    1,000 Posts First Anniversary Name Dropper
    Most brokers should be able to explore RIO for you through specific lenders. Not all brokers do equity release though but if you arent looking for that then most brokers will be able to advise.  

    RIO is harder with joint applications than sole btw. If you are buying on your own then its based on your affordability.  If you are buying in joint names then its generally based on affordability of the client with lowest income (incase income lowers on death of a borrower)
    I am a Mortgage Adviser

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  • SilasMarnerSilasMarner Forumite
    39 posts
    10 Posts
    Thank you for your help JMA. You make an excellent point. One which I hadn't considered to be honest. My wife's potential income, if I shuffle off the planet, will probably stack up on an application. But, with the economy potentaily in crisis and loads of helicopter monies flying about, inflation and interest payments might increase dramatically causing her a headache down the line. Hey Ho - probably best to retain control- so to speak.
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