Specially designed mortgages for over 60s in Scotland

If you’re a homeowner, you’ve probably seen the value of your property rise over the years. But how can you benefit from the money that’s tied up in your home, if you don’t want to sell up and move?

A Retirement Interest-Only Mortgage (RIO) from the Scottish could be the answer. It lets you unlock some of the cash from your property, to use however you wish.

5 great reasons to choose a Retirement Interest Only Mortgage from Scottish Building Society

A great way to release money from the value of your home
A cash lump sum to help you make the most of your retirement
You pay the monthly interest charges, so the outstanding balance does not increase
An alternative to traditional equity release schemes
Local in-branch mortgage specialists to guide you

Key features of a Retirement Interest-Only Mortgage:

The minimum loan size is £30,000 and the maximum is £300,000
We will lend up to a maximum of 50% of the property valuation or purchase price (whichever is lower)
All parties to the mortgage must be aged over 60
No maximum age

Suitable for:

Homeowners over the age of 60 to release some equity from their property.


Retirement Interest Only Mortgages are available for owner occupied residential properties. All mortgages are subject to a suitable property valuation.

Maximum Loan:

We will lend up to a maximum of 50% of the property valuation or purchase price (whichever is lower).
The minimum loan size is £30,000 and the maximum is £300,000.


The minimum age at time of application is 60. For joint applications, both applicants must be aged at least 60. There is no maximum age.

How much can I borrow?

All applications are treated on an individual basis and based on affordability. The maximum we can lend you is generally determined by your income, which can include your pension.
Any existing financial commitments will also be taken into consideration when affordability is calculated.
Please note in joint applications the last survivor needs to be able to demonstrate serviceability.
If the property is in joint occupancy we will not lend in a sole name. Both occupiers should be party to the mortgage and fit the age and income requirements.

Interest Rate Options:

Please see our interest rate information pages for full details.

Remortgage Incentives:

Contribution to Legal fees: If you are remortgaging to Scottish Building Society's Retirement Interest-only Mortgage your solicitors will also act for the Society. The Society will contribute £150 towards the cost of this.

Valuation Costs: A valuation of your property will be required as part of the mortgage application. The cost of this will be paid by the Society.


Our Retirement Interest-only mortgage is set up on an Interest Only basis with no repayment vehicle being required. The mortgage is normally not repayable until you (or the last survivor if it is a joint application) have died, moved into long term care or moved home.

Each month you are required to make a payment to cover the monthly interest on the mortgage. By doing this the capital balance of the mortgage will never increase.


A first charge will be taken over the property being purchased or remortgaged as security for the mortgage lending.

Flexible Features:

You may make overpayments on your mortgage to reduce the capital. If this is during the initial period where Early Repayment Charges apply you may repay up to 10% of the capital balance of the mortgage each year without penalty.

Once any period where Early Repayment Charges are applicable has elapsed you may make capital reductions without limit or penalty to reduce the balance of the loan.


Buildings Insurance must be arranged prior to funds being released.



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