Link copied Make the most of your money by signing up to our newsletter for FREE now
SUBSCRIBE Invalid email
When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.
Recently, Steven, 57, wrote to Express Money for further guidance on a securing a mortgage. In the latest instalment of Money Talk, Matt Coulson from Heron Financial, Kevin Roberts from Legal & General Mortgage Club and Katie Brain from Defaqto were all on hand to offer suggestions on mortgages. Steven asked: “Hello. I would like some advice on mortgages please. I’d like to find the best deals for over 55s, or am I too old to be considering this at 57?”
The number of products available has also risen in the past year, from 74 in February 2020 to 109 today.
Eleanor Williams, financial expert at Moneyfacts, says: These positive shifts in both the number of lenders and Rio deals are great news for older borrowers.
Why are these products becoming more popular, and when should you consider getting one?
How does a Rio mortgage work?
Rios are similar to normal interest-only mortgages, in that you agree only to pay off the interest each month for the term of the mortgage, and then pay the rest of what you owe when that period comes to an end.