Beverley Building Society launches RIO lifetime discount mortgage
Under the new RIO Lifetime Mortgage, affordability is assessed on a joint-life basis rather than considering a single applicant alone.
Beverley Building Society has launched a Retirement Interest-Only (RIO) lifetime discount mortgage in response to changing demand in the later-life lending market.
Research from the Equity Release Council found that in Q1 2025, 43% of new lifetime mortgages were taken out on a single-life basis, the highest level in over a year, with women accounting for nearly seven in ten (68%) of new single-life customers.
Against this backdrop, the society has updated its later-life mortgage proposition with a product designed to offer borrowers a stable, long-term payment plan.
Under the new RIO lifetime discount mortgage, affordability is assessed on a joint-life basis rather than considering a single applicant alone, which can increase the likelihood of meeting lending criteria for couples.
The product also differs from a standard RIO mortgage with a discounted term by offering a lifetime discount and no early repayment charges, allowing borrowers to repay the loan whenever they choose.
Beverley Building Society said its approach continues to emphasise personal underwriting.
For the RIO product, assessments will consider existing and projected pension income, as well as income from property and investments, when reviewing applications.
Eligibility criteria include a minimum borrower age of 55, up to two applicants per case, a maximum loan-to-value (LTV) of 60%, and a minimum property value of £125,000.
Kat Kitson, head of member experience at Beverley Building Society, 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.”
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