Marsden RIO Mortgage - Fixed 10 Year LTV
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Marsden RIO Mortgage - Fixed 10 Year LTV Review
RIO Mortgage – Fixed 10 Year LTV Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 4.65% | 4.75% |
Scheme Incentives
- Free Valuation
- Legal Fees Contribution
Scheme Offers
- Maximum LTV – 75%
- 10-Year Fixed Interest Only Mortgage
- 10%pa Overpayment Allowance
- Free Remortgage Legal Package
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 Marsden RIO Mortgage - Fixed 10 Year LTV, equity release scheme the best?
Don’t let your equity release dream become a nightmare!
Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.
However, 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.
- Detailed information about the RIO Mortgage - Fixed 10 Year LTV scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the RIO Mortgage - Fixed 10 Year LTV product.
What's Equity Release?
We've summed up the most important information about the topic in this quick video.
An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.
Learn More: What’s Equity Release?
How Does Equity Release Work?
Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.
Learn More: How Does Equity Release Work?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
Who Are Marsden?
Scheme Background
As a trusted mutual, The Marsden Building Society has been offering savings and various mortgage products to its’ members, since 1860.
Amongst others, this includes a specialist ‘lending to retired’ mortgage range to qualifying retirees. Allowing those, who are in receipt of income through a pension, to enjoy access to Later Life Lending on their properties.
The Marsden is committed to a personal and conversational approach in providing financial services.
Eligibility & Requirements
LiveMore’s RIO mortgages are particularly intended for homeowners over the age of 55 who need access to the equity in their house to improve their retirement lifestyle.
The LiveMore RIO can be used as a remortgage vehicle or to help with the purchase of a home.
The minimum application age for these RIO plans is 55, and they are offered on a single or joint life basis. At the time of application, there is no upper age limit for LiveMore.
LiveMore takes a practical, yet reasonable, approach to retirement financing. They will determine affordability based on income levels, and in the event of joint earnings, they will guarantee that if one partner dies, the survivor can still manage on their own income.
The lowest loan amount on this Retirement Interest Only Mortgage is £10,000, with a maximum loan amount of £1.25 million. Please call the Equity Release Supermarket team on Freephone 0800 802 1051 to confirm qualification and receive your unique price for RIO mortgage applications above £1.25m.
LiveMore will evaluate multiple types of income when determining affordability.
Minimum Property Valuation
LiveMore’s RIO mortgage requires a minimum property worth of £100,000 (ex-local authority apartments £200,000).
Property Location Requirements
The primary residence of the homeowner and is located in England or Wales. There is no upper limit on the value of a property.
Single vs Joint
The minimum application age for these RIO plans is 55, and they are offered on a single or joint life basis. At the time of application, there is no upper age limit for LiveMore.
LiveMore takes a practical, yet reasonable, approach to retirement financing. They will determine affordability based on income levels, and in the event of joint earnings, they will guarantee that if one partner dies, the survivor can still manage on their own income.
Minimum Release
The lowest loan amount on this Retirement Interest Only Mortgage is £10,000, with a maximum loan amount of £1.25 million. Please call the Equity Release Supermarket team on Freephone 0800 802 1051 to confirm qualification and receive your unique price for RIO mortgage applications above £1.25m.
Scheme Features
A retirement interest only mortgage (RIO) gives an initial cash lump payment that can be used for either capital raising or property purchasing. In exchange, the borrower pays monthly interest-only payments to LiveMore, ensuring that the mortgage balance remains constant during its tenure.
The RIO mortgage has no maximum term and will persist as long as the last living homeowner lives. There is no requirement for a repayment strategy, such as an endowment policy, an investment product, or the need to make any capital repayments.
LiveMore offers a variety of solutions that differ in terms of loan-to-value (LTV) and length of fixed interest rate given. LTVs might range from 60 percent to a maximum of 75 percent. The interest rate offered will be determined by a mix of this and the length of the fixed rate term.
A full suite of fixed interest rates is offered, ranging from shorter 5 and 7 year fixed rates to longer 10, 20, and even lifetime fixed interest rates.
Valuation Features
Live More RIO Mortgage provides free valuation.
Early Repayment Feature
Early repayment costs (ERCs) are calculated over a period of years based on the duration of the fixed interest rate term chosen.
Equity Release Council Status
Because LiveMore is not a member of the Equity Release Council, their programs do not follow the same code of behavior as other equity release schemes, such as the no negative equity guarantee.
Joint Application Features
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 continue to be held in the survivor’s name.
Scheme Options
This LiveMore RIO Mortgage allows any homeowner to spend their tax-free income as they see fit, but unlike roll-up equity release plans, RIOs allow you to manage the future balance by making monthly interest-only payments.
LiveMore will accept applications for retiree home purchases, remortgage business, and unencumbered properties. On this RIO mortgage, voluntary overpayments of up to 10% per year are authorized without penalty.
LiveMore may provide additional loan options, but availability and approval are not guaranteed. The available amount is closely connected to the homeowner’s capacity to finance the loan amount and will thus go through the same affordability verification process.
If you find yourself in financial trouble owing to an unforeseen change in circumstances, a 6-month payment holiday may be considered upon request.
If you need to redeem the loan sooner than planned owing to the loss of a spouse or the placement of a loved one in long-term care, LiveMore will not charge you an early repayment penalty.
Within its product line, all LiveMore RIO mortgages provide fixed term interest rates. However, they are subject to change; thus, for the most up-to-date interest rates, call the Equity Release Supermarket team at Freephone 0800 802 1051.
Repayment Options
If you find yourself in financial trouble owing to an unforeseen change in circumstances, a 6-month payment holiday may be considered upon request.
If you need to redeem the loan sooner than planned owing to the loss of a spouse or the placement of a loved one in long-term care, LiveMore will not charge you an early repayment penalty.
Inheritance Protection
Marsden RIO Life Plan updates are still in the works. We will give an update soon.
Application Fees
LiveMore will accept applications for retiree home purchases, remortgage business, and unencumbered properties.
Cashback Options
Marsden RIO Life Plan updates are still in the works. We will give an update soon.
Footnotes
*the above interest rate is a 10-year fixed rate
**the minimum age for this program is 55 years
***free legals are only available for remortgages
Marsden's Other Equity Release Schemes
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Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
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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