The Family Building Society

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Don’t forget to consider the Family Building Society’s Retirement Lifestyle Booster mortgage as an alternative to Equity Release for your clients.

 

Their Retirement Lifestyle Booster mortgage could be ideal for those clients of yours who are over 60 and need a little boost to their finances.

 

The key features are:

  • Recently added a new option of clients being able to take a lump sum at the beginning of the arrangement
  • Aimed at those over 60, who are mortgage free and need a little financial boost every month but are not ready to downsize just yet
  • Pays a fixed amount each and every month for 10 years
  • In return, the mortgage holder pays the Family Building Society a set amount each month to cover the ‘average’ interest due
  • At the end of 10 years, assuming all the payments have been made, what’s owed is what was borrowed
  • The loan is then repaid by selling the house and moving somewhere less expensive, mortgage free, when ready to downsize.

 

The Family Building Society offers huge flexibility by lending into retirement. They have no upper age restrictions on their products (though the maximum mortgage term may be limited). Other factors to consider are:

 

  • They offer generous terms where other lenders don’t – lending up to a 5 year term to an 89 year old and a maximum 16 year term for a 70 year old
  • They take into account earned income up to the age of 70 and pension income beyond that
  • They accept rental and investment income that can be evidenced on an SA302.

 

 

 

 

 

Our details for brokers to contact us are:

 

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