The original later life lender. There for the Journey!
If you’re a mortgage adviser who looks after clients over 50, If you’re thinking about getting involved in this fast growing market, RIO should be on your radar.
n 2018, with the FCA wanting to make affordable borrowing more widely available to the mature sector, Retirement Interest Only mortgages hit the later life market. A new breed of lending was introduced, the RIO. And on June 8th 2018 Hodge were first to market.
Designed specifically for mature borrowers, as the first interest-only mortgage with no end date, the RIO offers greater flexibility and stability. It was initially met with some trepidation from mortgage brokers and advisers. Five years on, is this still the case? Or has RIO taken off?
As the number of borrowers looking at mortgage options beyond retirement age increases, we look at the rise of the RIO and why it continues to hold its own in the later life market.
