Beverley Building Society responds to mortgage industry demands and launches a Retirement Interest-Only (RIO) Lifetime Discount Mortgage
According to research from the Equity Release Council:
“Pure figures highlighted that in Q1 2025 43% of new lifetime mortgages were taken out on a single life basis – the highest it’s been in over a year. Additionally, nearly seven in ten (68%) of new single life customers were women, representing a new highwater mark for this particular demographic across our historical data.1
Beverley Building Society has launched a Retirement Interest-Only (RIO) Lifetime Discount Mortgage, an update to its Later Life – and specifically RIO – mortgage proposition, which is designed to offer people a stable payment plan.
Mortgage intermediaries should be aware that with a RIO Lifetime Discount Mortgage, affordability is assessed on a joint-life basis (instead of considering just one party), so clients will benefit from a more inclusive approach, increasing the likelihood of meeting their requirements.
And, unlike a standard RIO Mortgage with a discounted term, the product offers a lifetime discount, with no early repayment charges, giving people the freedom to repay whenever they wish.
The Beverley stands out in a competitive marketplace through its commitment to personal underwriting, and in relation to its RIO Lifetime Discount offering, uses existing and projected pension income and will also consider income from properties and investments, to assess individual applications.
Eligibility Criteria is as follows:
- Minimum age: 55
- Up to 2 borrowers per application
- Maximum LTV: 60%
- Minimum property value: £125,000
Head of Member Experience, Kat Kitson said:
“Our new RIO Lifetime Discount Mortgage reflects the Beverley’s commitment to giving later‑life borrowers more flexibility, more certainty, and a more human approach to lending. By assessing affordability on a joint‑life basis, we’re opening the door for more couples to secure the stable, long‑term payment plan they need.
“At a time when the later‑life market is evolving quickly, we’re proud to offer a product that puts fairness, flexibility and individual understanding at its core.
“With a RIO Lifetime Discount Mortgage, we’re with your clients for life.”
All applications are subject to underwriting, affordability and valuation.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
