Retirement mortgages

Giving you more choice for later life clients

At Leeds Building Society, we have a range of mortgages available for those approaching or in retirement. As one of our brokers, this gives you more lending options than you might think when it comes to looking after your later life clients.

Introducing Retirement Interest Only

The latest addition to our mortgage range is Retirement Interest Only. RIO is an interest only mortgage with no set end date and it’s designed to help borrowers who:

  • Are looking for a lifestyle or retirement planning option.
  • Want to release equity, protect remaining equity and leave an inheritance for loved ones. 
  • Are existing interest only customers unable to repay their balance but can maintain their payments.

Retirement Interest Only eligibility

You’ll find full Retirement Interest Only eligibility criteria here but we’ve listed below key points to bear in mind:

  • To apply, the borrower must be between 55 and 80 years old
  • Maximum Loan to Value: 55%
  • No minimum equity required
  • Demonstrate lifetime affordability through assessment of current and future income.

Your guide to RIO

Using Your Guide to RIO, you can tap into all the expertise and know-how you need to help your clients make the right mortgage choice in retirement. From helping with your duty of care to vulnerable customers to key disclosures at point of sale, our BDM team are here to help.

Let’s get started…

Our affordability calculator lets you know quickly and easily how much your client can borrow with us. It’s your first action in a straightforward 3 step process to submitting your client’s application.



2 Year Retirement Interest Only Fixed Rate Mortgage

Initial rate fixed up to and inc. 31/12/20Then the Society's SVR less 1% discount up to and inc. 31/12/23, (currently)Then the Society's SVR thereafter, (currently)Overall cost for comparison (APRC)Max LTVProduct Fee
3.34% 4.69%5.69%5.3%55%£999 View
Max loan amount £1,250,000

Cashback 2 Year Retirement Interest Only Fixed Rate Mortgage

Initial rate fixed up to and inc. 31/12/20Then the Society's SVR less 1% discount up to and inc. 31/12/23, (currently)Then the Society's SVR thereafter, (currently)Overall cost for comparison (APRC)Max LTVProduct Fee
3.65% 4.69%5.69%5.3%55%£999 View
Max loan amount £1,250,000 / Min loan amount £50,000 / £500 Cashback upon completion
RATES CORRECT AS AT 19 october 2018

Warning: Your home may be repossessed if you do not keep up repayments on your mortgage.

Representative Example

A mortgage of £80,000.00 payable over 25 years initially on a fixed rate for 2 years at 3.34% and then a 1.00% discount on our current Standard Variable Rate of 5.69% for 3 years and then on our current Standard Variable Rate of 5.69% for the remaining 20 years would require 24 monthly payments of £393.33, 36 monthly payments of £448.70 and 240 monthly payments of £487.53.

The total amount payable would be £143,634.67 made up of the loan amount plus interest of £62,600.67 and application fee £0, product fee £999, valuation fee £0.

The overall cost for comparisons is 5.3% APRC representative.

This representative example assumes a mortgage completion date on the 1st day of a calendar month.

The above representative example is for illustration purposes only and may vary depending on your personal circumstances.

  • A product fee is payable on application but is refundable should the mortgage not complete.
  • 10% capital repayments are allowed each year without incurring an Early Repayment Charge.
  • Tapered Early Repayment Charges apply up to and including 31 December 2020.
  • Free Standard valuation up to £999.
  • Interest calculated daily.
  • Sale of the mortgaged property is the only repayment strategy accepted.
  • A mortgage exit fee of £199 will apply if the loan is repaid in full before the mortgage ends.
  • This product is only available on an interest-only basis.
  • No maximum term.
  • Maximum loan £1,250,000.

3 Year Retirement Interest Only Fixed Rate Mortgage

Initial rate fixed up to and inc. 31/12/21Then the Society's SVR less 1% discount up to and inc. 31/12/23, (currently)Then the Society's SVR thereafter, (currently)Overall cost for comparison (APRC)Max LTVProduct Fee
3.49% 4.69%5.69%5.2%55%£999 View
Max loan amount £1,250,000
RATES CORRECT AS AT 19 october 2018

Warning: Your home may be repossessed if you do not keep up repayments on your mortgage.

Representative Example

A mortgage of £80,000.00 payable over 25 years initially on a fixed rate for 3 years at 3.49% and then a 1.00% discount on our current Standard Variable Rate of 5.69% for 2 years and then on our current Standard Variable Rate of 5.69% for the remaining 20 years would require 36 monthly payments of £399.72, 24 monthly payments of £447.30 and 240 monthly payments of £486.02.

The total amount payable would be £142,803.31 made up of the loan amount plus interest of £61,769.31 and application fee £0, product fee £999, valuation fee £0.

The overall cost for comparisons is 5.2% APRC representative.

This representative example assumes a mortgage completion date on the 1st day of a calendar month.

The above representative example is for illustration purposes only and may vary depending on your personal circumstances.

  • A product fee is payable on application but is refundable should the mortgage not complete.
  • 10% capital repayments are allowed each year without incurring an Early Repayment Charge.
  • Tapered Early Repayment Charges apply up to and including 31 December 2021.
  • Free Standard valuation up to £999.
  • Interest calculated daily.
  • Sale of the mortgaged property is the only repayment strategy accepted.
  • A mortgage exit fee of £199 will apply if the loan is repaid in full before the mortgage ends.
  • This product is only available on an interest-only basis.
  • No maximum term.
  • Maximum loan £1,250,000.

5 Year Retirement Interest Only Fixed Rate Mortgage

Initial rate fixed up to and inc. 31/12/23Then the Society's SVR thereafter, (currently)Overall cost for comparison (APRC)Max LTVProduct Fee
3.62% 5.69%5.1%55%£999 View
Max loan amount £1,250,000

Cashback 5 Year Retirement Interest Only Fixed Rate Mortgage

Initial rate fixed up to and inc. 31/12/23Then the Society's SVR thereafter, (currently)Overall cost for comparison (APRC)Max LTVProduct Fee
3.74% 5.69%5.1%55%£999 View
Max loan amount £1,250,000 / Min loan amount £50,000 / £500 Cashback upon completion
RATES CORRECT AS AT 19 october 2018

Warning: Your home may be repossessed if you do not keep up repayments on your mortgage.

Representative Example

A mortgage of £80,000.00 payable over 25 years initially on a fixed rate for 5 years at 3.62% and then on our current Standard Variable Rate of 5.69% (variable) for the remaining 20 years would require 60 monthly payments of £405.30 and 240 monthly payments of £482.99.

The total amount payable would be £141,270.04 made up of the loan amount plus interest of £60,236.04 and application fee £0, product fee £999, valuation fee £0.

The overall cost for comparison is 5.1% APRC representative.

This representative example assumes a mortgage completion date on the 1st day of a calendar month.

The above representative example is for illustration purposes only and may vary depending on your personal circumstances.

  • A product fee is payable on application but is refundable should the mortgage not complete.
  • 10% capital repayments are allowed each year without incurring an Early Repayment Charge.
  • Tapered Early Repayment Charges apply up to and including 31 December 2023.
  • Free Standard valuation up to £999.
  • Interest calculated daily.
  • Sale of the mortgaged property is the only repayment strategy accepted.
  • A mortgage exit fee of £199 will apply if the loan is repaid in full before the mortgage ends.
  • This product is only available on an interest-only basis.
  • No maximum term.
  • Maximum loan £1,250,000.

Please note:

Leeds Building Society only accepts mortgage applications from intermediaries where they are providing an advised sales service, with the exception of Buy to Let & Holiday Let applications. It is the responsibility of the intermediary to ensure that all applicable law including, without limitation, the Financial Conduct Authority rules on advised mortgage sales are complied with including, without limitation, the provision of adequate explanations.