Vernon 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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Vernon Building Society RIO Mortgage Scheme Review

RIO Mortgage Key Details

Type Rate APR
Vernon Building Society Discounted 4.7% 5.2%

Scheme Incentives

  • Free Application

Scheme Offers

  • Interest-Only Mortgage
  • LPA Requirement*
  • Maximum LTV – 50%

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 Vernon 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 Vernon Building Society RIO Mortgage be the right equity release plan for you?
We’re here to help you:
Vernon 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 Vernon Building Society?

Let’s find out!

Who Are Vernon Building Society?

The Vernon Building Society is a UK building society based in Stockport, Greater Manchester. It is a member of the Building Societies Association.
Vernon Building Society RIO Mortgage

Scheme Background

Find competitive mortgages, savings and investment products from a trusted source in Stockport, Chesire.

Founded as an independent mutual building society The Vernon has provided reliable financial advice within the local community since 1924.

In addition to a a range of mortgage products, Vernon Building Society also offers specialist Retirement Mortgages.

Serving all local communities, the society is in favour of lending to retirees who are in receipt of verifiable income, thus allowing homeowners over the age of 55 to secure Retirement Interest Only Mortgages (RIO’s) on their property.

Eligibility & Requirements

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

This RIO mortgage could be used by homeowners who want to release some equity for retirement planning or who just want to move.

The Vernon RIO Mortgage is accessible on both a single and joint life basis, with the youngest homeowner being 55 years old. There is no upper age limit.

This RIO mortgage has a minimum loan of £25,000 and a maximum loan of £250,000. Please call the team on Freephone – 0800 802 1051 to assess qualification and request your customised quotation for mortgage applications over £250,000.

There is no set minimum acceptable level of income that should ideally be indexed. To determine affordability, the Society employs income and expenditure analyses rather than income multiples.

Vernon’s retirement mortgage requires a minimum property valuation of £80,000, with no minimum equity remaining required. Furthermore, the property must be the homeowner’s primary residence and must be located in England or Wales.

Adverse credit, such as arrears, defaults, and CCJs, may be acceptable depending on the amount, duration, and degree of credit registered. To confirm your eligibility, please call the team.

Scheme Features

RIO Mortgages offer an initial tax-free lump sum cash release for instant use, with the option to make monthly repayments to the Vernon of only interest.

There is no maximum period; it will last as long as the last remaining homeowner lives. No repayment strategy, such as endowment, investment, or repayment basis, is required. The loan is a lifelong interest-only mortgage with no predetermined termination date.

If necessary, the borrowed amount can be repaid through the sale of the property when the borrower dies or moves into other housing, such as long-term care. During the life of the mortgage, you are responsible for making monthly payments that might be either interest only (paying off no capital) or capital and interest repayment.

The maximum loan-to-value (LTV) on an interest-only mortgage is 50 percent of the property valuation, subject to income qualifying.

In contrast to equity release programs, 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 satisfied that their income will be substantial and consistent enough to meet 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 means that if the homeowner does not keep up with payments, their home may be at jeopardy.

If a single applicant dies before the end of the term, the mortgage must still be repaid, usually through the sale of the home. If your application is joint, the mortgage payments may become unmanageable if either party dies. This may force the sale of the property and the survivor’s relocation to alternate housing. You should prepare for this possibility by making a plan.

Because the Vernon Building Society 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.

Vernon’s Retirement Interest-Only mortgages have no early repayment penalties, so you can pay off the loan whenever you want.

Scheme Options

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

The society will accept applications based on retirees purchasing homes, remortgaging businesses, and unencumbered properties.

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

The mortgage is transferable and can be moved to a new house.

Within its product line, the Vernon RIO mortgage often offers lower rates. They are, however, subject to change, so call the team on Freephone – 0800 802 1051 for the most up-to-date interest rates on offer.

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

Applicants who have a Lasting Power of Attorney (LPA) may qualify for a lower interest rate. If the LPA is registered after the mortgage is closed, Vernon will apply the advertised rate upon receipt of proof of LPA registration.

Vernon Building Society's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

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

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Editorial Note: This content has been independently collected by the SovereignBoss 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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