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Want to be fluent in RIO? Get back to basics with Hodge

James Enos
21st October 2022

You're the expert in mortgage advice, let us be your guide when it comes to specialist lending for over 50s.

New to retirement interest only? We’re not, we launched the first RIO mortgage to the market in 2018 and we’ve been a driving force in the later life market since 1965. Our RIO was designed with todays over 50s borrower in mind. We’re proud to offer our RIO to those aged 50 and over and we’ll also consider one applicant under 50 on a joint application as we know peoples circumstances are as unique as the service we provide.

We’ll be honest, it’s a niche product for a niche market, we understand it can seem a complex one but we’ll work with you every step of the way until you speak RIO like a pro.

What is a RIO? In simple terms it’s an interest only mortgage taken by people in or approaching retirement. It doesn’t have a term or an end date and runs for the lifetime of the customer with the capital being repaid when they pass away or move into long terms care through the sale of the property.

What about LTV, rate fixes and repayment charges? We’ll offer up to 75% LTV, with 5 year fixes and our early repayment promise, meaning if your client sells up (a popular reason for paying the mortgage off early) and repays us from the proceeds we’ll waive the ERC’s.

What income do you take into account? Well as it happens one of the widest ranges in the industry. We look at both pre and post retirement income and every case is underwritten by a person who will work with you based on your clients individual circumstances.

What do people use RIO for? Our recent research shows us the most popular reasons for borrowing are mortgaging to pay of existing mortgage, house purchase, family gifting, home improvements and debt consolidation. With our average RIO customer aged 70 taking a loan of £135,000.                               

What makes Hodge different? 

  • We Consider earned income, both employed and self-employed, up to a maximum age of 80
  • We look at both pre and post retirement income, there’s no upper age limit if the mortgage is affordable on pension income
  • We can lend up to six times income on a like-for-like remortgage
  • We lend from age 50 with no end date for RIO
  • We only need one client to be aged 50, we can look at a second applicant under 50 in this instance

Add to our USPs that we have an amazing team of knowledgeable BDMs who act as your voice at Hodge and you’ve got a recipe for success. Interested in how RIO could help your clients? Find your BDM team today, simply click here add your postcode and you’ll find details for your field and phone experts. Read more about the Hodge RIO here and for case studies click here.

James Enos
21st October 2022

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