![]() They’ll need to know about your income and outgoings to make sure you can afford the mortgage and they’ll check that the mortgage meets our lending criteria. They’ll go over some basic information with you including how much you would like to borrow and what for. Step 1 - Start by contacting our New Business Team on 03330 140140 or by using the Call Me Back form.You can apply if you are aged 55 or over. If you're taking out a RIO mortgage with a spouse or partner, you'll need to be able to show that each of you could afford the monthly payments should the other pass away.įor more information read our RIO mortgage frequently asked questions.You need to have a minimum of 50% equity in your home.This would usually happen when your house is sold when you pass-away or if you move into long term care. This means you may not be able to leave your house to your family and the amount of inheritance you leave may be affected. There’s no fixed end date with the RIO, but the mortgage will still have to be repaid.You'll need to be able to pay the interest payment each month until the end of the term.A RIO mortgage is an Interest-Only mortgage so you will not be paying off any of the capital of the mortgage. ![]()
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