Find out if an RBS Retirement Interest Only Mortgage is right for your retirement in 2026.
- Available to new Royal Bank of Scotland customers and existing ones
- Get a free, no-obligation valuation of your home.
- 5.11% Fixed for life
- No early repayment charges
- No lender fees, broker fees or advisor fees
- Make a monthly interest payment and have up to two payment holidays a year
- Up to 70% loan-to-value
- For people over 60, only
- Remortgage your home, move home and buy a new home or release equity.
- Ideal to pay off an existing mortgage that is at the end of its term
Overview Of RBS Equity Release
Royal Bank of Scotland offers a range of equity release products tailored to the needs of those aged under 55 and over who want to access some or all of the capital tied up in their home while still living there.
These include tax-free lump sums, regular payments, or a combination of both, all of which come with unique benefits depending on each individual’s needs and circumstances.
The Benefits Of An Equity Release Loan From RBS
When taking out an equity release loan from Royal Bank of Scotland, customers can expect many features, such as clauses like the ‘no negative equity guarantee’, meaning your estate will never owe more than the value of your property, regardless of market conditions at the time, giving peace of mind during retirement when finances may become tight.
Furthermore, all products are certified by The Equity Release Council (ERC) – an industry body that sets standards for safe borrowing among its members, helping customers safeguard against potential risks.
What Should Customers Consider Before Applying?
Before taking out a lifetime mortgage, customers must seek professional advice, take into account changes in personal wealth & debts, and carefully consider all potential fees, including interest rates, arrangement fees, and early repayment charges, before signing any contracts.
Additionally, many providers offer free online equity release calculators, which can help work out costs associated with different products, ensuring customers get the best possible deal that works most effectively in their favour.
Royal Bank of Scotland Mortgages
Royal Bank of Scotland (RBS) offers mortgages for those over the age of 70 who are looking to buy a home. These mortgages are Lifetime Mortgages and come with various options depending on each person’s circumstances.
One popular option is a Home Reversion Scheme, which allows you to keep ownership of your property while borrowing funds against it. This can benefit those who wish to remain in their home but require extra income or cash flow from their asset.
RBS retirement interest-only mortgage
In addition, local authorities often offer support for older people looking to get onto the property ladder, including specialist qualifications, solicitors’ fees, and access to open-market value estimates for their specific home’s value. HSBC also offers so-called ‘lifetime mortgages’, which allow people aged 65+ to borrow up to 40 per cent of the value of their property without having to repay anything until they die or move into long-term care.
When considering any mortgage product, such as a Home Reversion Scheme or a Lifetime Mortgage, individuals must ensure they understand the risks and rewards associated with each product and how it will impact their future situation.
It’s also important that borrowers understand what is meant by ‘open market value’ – this is an estimate of how much someone would pay for your home on the open market today – and what is meant by a loan secured against your home, which essentially means taking out a loan against the existing equity in your home for either immediate cash or income flow purposes.
Whatever decision you make must be carefully considered, given your circumstances, including age, financial position and lifestyle choices now and in the future. If in doubt, seek independent advice from an expert before deciding to take out a mortgage over 70 years old with Royal Bank of Scotland (RBS).
RBS Best Mortgages For Over 60s
Royal Bank of Scotland (RBS) offers mortgages for those aged 60 and over. These mortgages are designed to allow an individual to receive a large sum of money, either against their total home value or against some of it, depending on their personal circumstances and the property’s reasonable condition.
One available product is Remortgages from Lloyds Bank, which can give you access to money from your home if you are over 60, allowing you to borrow relatively easily and quickly without worrying about medical conditions.
This loan would be a lump sum amount secured against either the whole or part of the value of your home. Borrowers must understand repayment and be fully qualified for such a loan before proceeding.
Alternatively, there may be cheaper ways to access a large sum without taking out a mortgage; careful consideration should be given as to how much money is needed and whether the available options are suitable for each person’s particular needs and lifestyle choices now and in the future.
If not, exploring alternatives like equity release could help individuals gain access to funds, ensure they have sufficient funds for their own use, and create an inheritance for their family upon their passing.
When deciding whether taking out a mortgage at this age is suitable for you or not, it’s essential that factors such as what you need to pay back and the rate of interest are taken into account alongside any existing savings and income levels so that you have a clear idea of your financial situation both now and in the future before making any decisions based on this form of borrowing.
Overview of Royal Bank Of Scotland Remortgages
Remortgaging your home with the Royal Bank of Scotland can be a big decision. It’s essential to consider the long-term repercussions of taking out a remortgage, particularly if you’re looking to switch lenders or secure a lower rate on your existing loan.
The Royal Bank of Scotland has options available for customers looking to remortgage their homes, and understanding them can help you make an informed decision.
Options From The Royal Bank Of Scotland
The Royal Bank of Scotland offers customers several remortgage products, making it easy to take control of their finances and secure a better rate on their mortgage.
They have a range of fixed and variable rates regulated by the Financial Conduct Authority (FCA). Customers can also benefit from the Early Repayment Charges (ERC) member scheme, which allows early repayment without incurring any charges.
Benefits Of Taking Out A Lifetime Mortgage or Royal Bank of Scotland Retirement Mortgage
When deciding which type of remortgage is right for you, consider taking out a lifetime mortgage. This allows you to continue living in your home while releasing smaller sums of money as needed.
This is often viewed as a last resort due to its very high interest rates; however, with careful research and sound advice, it may be worthwhile in the long run.
Can you get an interest-only mortgage if you are retired?
Yes, you can get an interest-only mortgage if you are retired. However, comparing different lenders and understanding all associated fees and potential restrictions is essential before committing to a long-term financial commitment. In addition, variable interest rates may offer customers extra savings compared to fixed deals, so be sure to familiarise yourself with economic conditions at the time.
Can I get an interest-only mortgage in Scotland?
Yes, you can get an interest-only mortgage in Scotland. However, be aware that different lenders may offer different terms and conditions based on their policies, so compare the rates and options of other lenders to ensure you get the best deal for your situation. Additionally, variable interest rates may offer customers greater savings than fixed rates, so be sure to familiarise yourself with economic conditions at the time to determine whether this option is most suitable for your needs.
What is the max LTV for retirement interest only mortgages?
The maximum Loan-to-Value (LTV) for retirement interest-only mortgages varies from lender to lender. Generally, a loan of up to 50-55% is possible; however, some lenders may offer higher maximums, so it is essential to compare different options before committing. Additionally, the amount you can borrow may be affected by factors such as your credit history, income, and age.
Does Bank of Scotland do lifetime mortgages?
It is their form of Equity Release which enables over 55s to unlock some of the value from their home and use it however they wish. The loan is secured against the property and can be repaid in one lump sum or through regular payments. To apply, you must meet specific requirements, including owning a suitable property, being a UK resident and having sufficient equity in your home.
Does the Royal Bank of Scotland offer a retirement interest-only mortgage over 65?
Yes, the Royal Bank of Scotland does offer a retirement interest-only mortgage for those over 65. This type of loan is specifically designed for those over that age and looking to release some of the equity in their property. The loan amount will be calculated based on your circumstances and must meet specific criteria, such as having sufficient equity in the property.
Does the Royal Bank of Scotland offer a RIO mortgage for pensioners over 65?
Yes, the Royal Bank of Scotland offers a Retirement Interest Only (RIO) mortgage for pensioners aged 65 and above. This loan is tailored for those looking to release equity from their property through a specially designed mortgage package. The loan amount will depend on individual circumstances and must meet specific criteria, including having sufficient equity in the property.
What if I want to think about RBS borrowing more on a mortgage in 2026?
If you are thinking about borrowing more on your Royal Bank of Scotland (RBS) mortgage in 2023, there are a few things to consider.
You will need to ensure that you have sufficient property equity, a good credit history, and a sound financial situation. Additionally, interest rates may change between now and then, so ensure you are comfortable with any potential fluctuations.
It is also worthwhile speaking to a financial advisor who can help you determine precisely how much of an increase in borrowing would be suitable for your circumstances.
What are the current rbs interest-only mortgage rates?
The current Royal Bank of Scotland interest-only mortgage rates are as follows: Loan-to-ValueInitial Rate (fixed)
Follow-On Rate (variable)
Up to 75%
5.26%
5.09%
76-80%
5.29%
5.45.03%
81-85%
5.39%
5.79%
86-90%
3.95.03%
6.24
What are the current rbs mortgage rates?
The current Royal Bank of Scotland mortgage rates are as follows: Loan-to-ValueInitial Rate (fixed)
Follow-On Rate (variable)
Up to 75%
2.65.03%
4.85.03%
76-80%
5.26%
5.09%
81-85%
5.29%
5.45.03%
86-90%
5.39%
5.79 %
Royal Bank of Scotland plc 2026. Registered office: 36 St Andrew Square, Edinburgh, EH2 2YB.