Leeds Building Society, the UK’s 5th largest Building Society, was first formed as a mutual in 1845 to help communities save and borrow, to help people support their families and get the home they wanted. In 1875 it formally established as the Leeds and Holbeck (Permanent) Building Society, offering both deposit accounts and mortgages, and in 2005 changed its name to Leeds Building Society.
Leeds Building Society offers a range of mortgage products to cater for a wide variety of customers and their individual needs, and in 2018 launched a range of Retirement Interest Only (RIO) mortgages, becoming the first national high street lender to do so.
RIO mortgages are interest only mortgages with no set end date. They are available to older consumers and are designed so that homeowners can use the sale of their home to repay their mortgage balance, which will be either upon death, or the last surviving partner moving into care.
Unlike an equity release lifetime mortgage, interest roll-up is not permitted on the Leeds RIO mortgage and the homeowner will be required to make monthly mortgage payments for the life of the mortgage, which will consist only of interest on the amount borrowed.