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Can I sell then buy a home (property upgrade) using a retirement interest only (RIO) mortgage?
MoneySaverUK123
Posts: 38 Forumite
Is it possible to buy a home with a RIO mortgage? What I want to do is sell my flat and buy a house, and take out an affordable mortgage to do this. At age 55, I thought about the RIO mortgage, but I don't know if that allows me to purchase a home using the proceeds of selling my current existing home. Thanks a lot for any comments.
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Comments
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Yes, you can use a RIO mortgage to buy a new home with your existing proceeds as the deposit.The main hurdle you will need to deal with is proving that you will have the income in retirement to support the interest payments.Not all lenders will offer a RIO at 55, but plenty do.2
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