We outline the differences between the two popular affordable housing schemes.
Getting a mortgage in retirement doesn't have to be difficult.
At Newbury Building Society, we understand there are many different reasons why you want a mortgage which takes you into your 60, 70s and beyond. For example, you may want to free up equity to fund a holiday home or give your children and grandchildren a helping hand on the property ladder.
Upper age limit for mortgage lending to 90 years
We believe you shouldn't be limited when applying for a mortgage and that's why we lend up to the age of 90 across our entire standard mortgage range. This means that for new mortgage applications across our residential products, the term may be allowed to run until the borrower's 90th birthday.
People are living for longer and therefore, as a lender, it is our responsibility to ensure we offer the right products which help borrowers fulfil their retirement ambition.
Retirement Interest-Only (RIO) mortgage
Our Retirement Interest-Only mortgage is designed to support borrowers in later life who do not want to downsize their current property and wish to remain in their home.
- We lend to those aged 60 and above who are retired and in receipt of their pension or other ongoing income
- The RIO mortgage is termless interest-only so you have it for as long as you need it
- We lend to those who are purchasing or remortgaging their residental home subject to product terms
- Existing borrowers are able to transfer onto the product to borrow additional funds
For full products details please click to find out more.
Appointments are available by video call, by phone or in branch. We have Saturday appointments available and can also offer same day appointments. See our making a mortgage appointment page for further details or click contact now.