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Retirement interest only mortgages

Options
63_lonsdale
63_lonsdale Posts: 1 Newbie
in Mortgages & endowments
Has anybody up to date information on these.  I understand these are run by building societies but finding it difficult to get current information on availability and who to approach.

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Speak to a mortgage broker to ascertain your options. . 
  • dunstonh
    dunstonh Posts: 119,646 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Most whole of market mortgage brokers and IFA firms will have someone that deals in these. So, contact a local one to you.
    It is not mostly the building societies that run these. It is actually the insurance companies that dominate the market.       
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • RetSol
    RetSol Posts: 553 Forumite
    Fifth Anniversary 500 Posts Photogenic Name Dropper
    https://www.which.co.uk/money/mortgages-and-property/mortgages/types-of-mortgage/retirement-interest-only-mortgages-explained-a9z9k0h9lbfy
  • dunstonh
    dunstonh Posts: 119,646 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    For reference, I have interpreted the initial post as an equity release/lifetime mortgage.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • oldun_saddler
    oldun_saddler Posts: 1 Newbie
    First Post
    First time poster here. Does anyone know if I could use a retirement interest only mortgage to buy my first home? I've had to rent for many years but will be receiving a lump sum from my pension which I thought I could use as a deposit and then service the interest costs from my wife's and my pension. Thank you
  • MWT
    MWT Posts: 10,216 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 7 June 2024 at 3:40PM
    Yes, you can use a RIO product (..or even an equity release product) to buy your first home.
    You will be stressed tested on your income independently as they will need to be assured that if one of you dies, the other will still have sufficient income to meet the interest payments.


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