The Saffron opens up RIO mortgage distribution

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The Saffron Building Society has announced that its Retirement Interest Only (RIO) Mortgage is now available across its entire network of broker partners.

The product is designed to provide retired customers opportunity to stay in their homes for longer, or to unlock the value of their properties freeing up cash to enable wider lifestyle opportunities.

Anita Arch, head of mortgage sales at the Saffron Building Society, said: “Many consumers don’t think it’s possible to obtain a mortgage in retirement let alone get one that can help fund a lifestyle. People are living longer and are expecting to maintain a certain standard of living during this time.

“At Saffron, we don’t believe customers should be limited by ‘everyday’ products – we like to be flexible and are increasingly offering more options in the ‘specialist’ space to meet customer needs more appropriately.

“Our RIO product utilises the capital linked to homeownership and is becoming a popular way to finance living in later life. We look forward to reaching out to additional brokers with this latest mortgage so they have a further option to offer to those in retirement.”

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