The Penrith RIO Mortgage is ideal for the homeowner who wants to only make monthly interest payments over their lifetime and happy to provide proof of affordability. With this product, the homeowner is able to simply make interest only payments for the rest of their life.
RIO mortgages will ensure the balance will always remaining the same as it started, assuming repayments are maintained. This strategy is ideal for those looking to protect and maximise their inheritance, or looking to retain as much capital as possible for taking equity release at a later date.
This Penrith RIO mortgage is ideally suited for those looking for an interest-only mortgage, have considered, but decided not to downsize at this stage, but remain in their home.
RIO’s can prove useful for homeowners who aren’t quite ready for equity release, and would prefer to take themselves to a point in the future when they feel they are a better age, or wish to stop making repayments.
Alternatively, where homeowners can’t get a mainstream mortgage, or even where an interest-only mortgage needs repayment, the Mansfield RIO mortgage can provide an excellent remortgage solution.
Another concept for these RIO mortgages is they offer an interest-only bridge facility into retirement. Maybe this is to a certain point where a repayment vehicle becomes available, such as a tax-free lump sum from their pension, or drawdown by crystallization of pension funds.
*the rate quoted above is a 2-year discounted rate interest-only remortgage deal
** For remortgages on existing unencumbered properties, Penrith will pay legal costs using their solicitors
***free valuations upto £1m when remortgaging on this product
To obtain further information or to request a quotation on the Penrith RIO Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 088 5898.