The Tipton & Coseley Interest Only Mortgage (RIO) is designed specifically for homeowners who are over the age of 55 and require access to the equity in their property to enable them enhance their lifestyle in retirement.
This RIO mortgage could be used as a remortgage vehicle or to assist with a house purchase.
Tipton & Coseley have a sensible approach to lending in retirement whereby on joint applications they will assess each applicant individually in order they could sustain the mortgage solely throughout the term, should their partner pre-decease them.
The Tipton RIO Mortgage is available on both a single and joint life basis with a minimum age of the youngest homeowner being 55. There is no maximum age limit.
The minimum loan on this RIO mortgage is £50,000 with a maximum of loan upto £1,000,000. For mortgage applications above £1,000,000 please call the Equity Release Supermarket team on Freephone - 0800 678 5955 to check qualification and request your bespoke quotation.
There is no specific minimum acceptable level of income. However once eligibility is identified, Tipton will apply a 4.49 times income multiplier to determine the maximum loan.
Eligible income for homeowners acceptable to Tipton & Coseley is mainly pension income, however consideration will go to investment and rental income where they can be evidenced by annual statements and/or SA302's.
Tipton's minimum property valuation on their retirement mortgage is £75,000, however this increases to £250,000 for properties within the M25 corridor. Additionally, the property must be the homeowner's main residence and must be located within England and Wales.
Adverse credit such as arrears, defaults and CCJ’s are acceptable, dependent upon the amount, longevity and level of credit registered. Please contact the Equity Release Supermarket team on 0800 678 5955 to check for eligibility.