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Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH

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What is a retirement interest only mortgage?


A retirement interest only mortgage is a mortgage that lets you pay the interest on a monthly basis, without reducing the original amount (capital) you have borrowed. It is only available to people who are both over the age of 55 and in retirement. To take out a retirement interest only mortgage, it's worthwhile getting expert advice from an independent qualified adviser, which is where we can help.

How do they work?

Is a retirement interest only mortgage right for you?

Retirement interest only mortgages, or RIOs, can be used for most purposes. Depending on the provider, the loan is repaid when the plan comes to an end when you (and any other applicant) either pass away or move into long-term care.  Typically then, your house will be sold and the mortgage provider will take their money from the sale proceeds. The remainder goes to your estate.

Why choose a retirement interest only mortgage?

If you thought you were too old for a mortgage or you can’t find a conventional mortgage to meet your needs, we can help you with impartial and tailored advice to help take the stress out of later life borrowing.

Specialist advice, tailored to you

Whatever your motivation, we tailor our advice to suit your needs and advise on a range of mortgages available to those over 55 and in retirement.

Even if your own bank or building society are unable to offer you a new mortgage or extend your existing loan, our specialist advisers can search the whole market to find the most suitable mortgage for you.

Types of interest rate

The next step is to decide which type of interest rate would best suit you: fixed or variable.

Fixed interest rate

A fixed interest rate means your repayments will be the same for a fixed period of time, no matter how interest rates look across the mortgage market – this is normally two to five years, though it varies by mortgage provider.

Variable interest rate

A variable interest rate means the rate you pay could go up or down, depending on the Bank of England base rate. There are a number of variable-rate mortgages you can choose from and they vary by mortgage provider.

Know all your options


As an independent advisory service, Key can search the whole market, including specialist lenders, giving you more options when it comes to later life borrowing.

Whether you’re looking for a standard mortgage or Retirement Interest Only mortgage, our friendly expert advisers can help you choose the option that’s right for you.

Key are here to help

To get your quick mortgage calculation use our free online calculator for instant results.
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You can find out if you qualify straight away over the phone by speaking to one of our mortgage advisers
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Things to consider

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

We charge an advice fee of 1.99% of the amount released, subject to a minimum of £1499, which is usually payable when the mortgage completes.