We outline the differences between the two popular affordable housing schemes.
Newbury Building Society has launched its first retirement interest-only (RIO) mortgage to support borrowers in their later life.
To be eligible for the variable mortgage product, applicants must be a minimum age of 60 years old. There is no maximum age but borrowers must be retired and in receipt of their pension.
The launch follows the recent increase to the Society’s upper age limit for mortgage lending, which now stands at 90 years.
Existing borrowers of Newbury Building Society can also transfer onto the product to borrow additional funds.
Roger Knight, Lending Manager at Newbury Building Society said: “People are living for longer and therefore, as a lender, it is our responsibility to ensure we are offering the right products at the right time. We hope our RIO 5 year discount variable mortgage product ticks all the correct boxes and enables borrowers to fulfil their retirement ambition.”
For further information, visit our lending into retirement webpage.
If you would like to talk to us about our Retirement Interest-Only mortgage, you can contact us in one of three ways:
- Email firstname.lastname@example.org and we will contact you directly
- Submit an online contact us form on our website
- Visit one of our ten branches: Abingdon, Alton, Andover, Basingstoke, Didcot, Hungerford, Newbury, Thatcham, Winchester and Wokingham to arrange an appointment
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.