Buckinghamshire Building Society RIO Mortgage

Are You Considering the RIO Mortgage Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Buckinghamshire Building Society RIO Mortgage Scheme Review

RIO Mortgage Key Details

Type Rate APR
Buckinghamshire Building Society Discounted 2.69% 4.2%

Scheme Incentives

see them here.

Scheme Offers

  • Interest-Only Mortgage
  • No LPA Requirement
  • Maximum LTV – 60%
  • No early repayment charges

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Buckinghamshire Building Society RIO Mortgage, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Buckinghamshire Building Society RIO Mortgage be the right equity release plan for you?
We’re here to help you:
Buckinghamshire Building Society is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Buckinghamshire Building Society?

Let’s find out!

Who Are Buckinghamshire Building Society?

The Buckinghamshire Building Society was founded in 1907 in Chalfont St Giles by a group of local businessmen as the Chalfont & District Permanent Building Society. It was renamed the Buckinghamshire in 1961. The Society has 11,000 investing Members, 1,000 borrowers and assets of £243m in 2013.
Buckinghamshire Building Society RIO Mortgage

Scheme Background

Buckinghamshire Building Society offers uncomplicated savings accounts and tailor made mortgages to our members across England and Wales.

Since inception in 1907, their heart song has always been to help our members unlock their unique savings ambitions and to secure mortgage solutions that is right for them.

Eligibility & Requirements

The Buckinghamshire Retirement Interest Only Mortgage (RIO) is created particularly for homeowners over the age of 55 who need access to the equity in their house to improve their retirement lifestyle.

This RIO mortgage might be used to refinance or to help with a home purchase.

The Buckinghamshire RIO Mortgage is offered on both a single and joint life basis, with the youngest homeowner having to be 55 years old. There is no upper age limit.

This RIO mortgage has a minimum loan of £25,000 and a maximum amount of £750,000. Please call the team on Freephone – 0800 802 1051 to confirm qualification and obtain your unique price for mortgage applications above £750,000.

There is no set minimum acceptable income level. The Society employs income and expenditure analysis, with an income multiple cap of 4.5 times the first income + 3.5 times the second income, or 4 times the combined income.

Buckinghamshire’s retirement mortgage requires a minimum home valuation of £180,000, with a minimum equity left of £130,000. Furthermore, the property must be the homeowner’s primary residence and must be located in England or Wales.

Scheme Features

RIO Mortgages offer an initial tax-free lump sum cash release for instant usage, with the option to make monthly repayments to Buckinghamshire that are simply interest.

There is no maximum period; it will endure as long as the last living homeowner lives. No repayment plan, such as endowment, investment, or payback basis, is required. The loan is a lifelong interest-only mortgage with no specified expiration date.

The maximum loan-to-value (LTV) on an interest-only mortgage is 60 percent of the property worth, subject to income qualifying.

In contrast to equity release plans, there are no safeguards in place with this mortgage product if the borrower is unable to make payments. Because this is a residential mortgage, there are no safeguards in place if something unforeseen occurs, prohibiting the homeowner from making payments. In order to use this program, homeowners must be certain that their income will be substantial and consistent enough to satisfy their payment commitments.

The homeowner is responsible for making all monthly interest payments as they become due until the RIO mortgage is paid off. This implies that if the homeowner does not keep up with payments, their house may be at jeopardy.

If a single applicant dies before the end of the term, the mortgage must still be repaid, generally through the sale of the home. On joint applications, the mortgage will be continued in the survivor’s name.

The Buckinghamshire Building Society is not a member of the Equity Release Council, thus its programs do not follow the same code of behavior as other equity release schemes, such as the no negative equity guarantee.

This version of the Buckinghamshire RIO Mortgage has no early repayment penalties (ERCs).

Scheme Options

This Buckinghamshire RIO Mortgage allows any homeowner to spend their tax-free income whenever they see fit, but unlike roll-up equity release plans, they may also make monthly interest-only repayments to control the future sum as they see fit.

The organization will accept applications based on retirees acquiring homes, remortgaging businesses, and unencumbered properties.

The Buckinghamshire RIO Mortgage may allow you additional financing, but availability and approval are not assured. The available amount is closely connected to the homeowner’s capacity to afford the larger loan amount and will thus go through the same affordability verification procedure.

The mortgage is not transferable and cannot be moved to a new home.

Within the Buckinghamshire RIO mortgage product range, fixed and reduced rates are often available. They are, however, subject to change, so call the team for the most up-to-date interest rates.

If a special offer expires, it will return to the lender’s regular variable rate, unless another deal is chosen before or at the expiration date.

Please call the team now for more information or to receive a quote on the society’s RIO mortgage.

Buckinghamshire Building Society's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Buckinghamshire Building Society.

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Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

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