Giving you more choice for later life clients
At Leeds Building Society, we have a range of mortgages available for those approaching or in retirement. As one of our brokers, this gives you more lending options than you might think when it comes to looking after your later life clients.
Introducing Retirement Interest Only
The latest addition to our mortgage range is Retirement Interest Only. RIO is an interest only mortgage with no set end date and it’s designed to help borrowers who:
- Are looking for a lifestyle or retirement planning option.
- Want to release equity, protect remaining equity and leave an inheritance for loved ones.
- Are existing interest only customers unable to repay their balance but can maintain their payments.
Retirement Interest Only eligibility
You’ll find full Retirement Interest Only eligibility criteria here but we’ve listed below key points to bear in mind:
- To apply, the borrower must be between 55 and 80 years old
- Maximum loan to value (LTV): 55%
- No minimum equity required
- Demonstrate lifetime affordability through assessment of current and future income.
Your guide to RIO
Using Your Guide to RIO, you can tap into all the expertise and know-how you need to help your clients make the right mortgage choice in retirement. From helping with your duty of care to vulnerable customers to key disclosures at point of sale, our BDM team are here to help.
Let’s get started…
Our affordability calculator lets you know quickly and easily how much your client can borrow with us. It’s your first action in a straightforward 3 step process to submitting your client’s application.