There’s no such thing as ‘normal’ clients these days. You know that and so do we. It’s why we offer mortgage solutions that work for everyone.
We’re human and understand that people are living longer, healthier lives and so need funds to support this active lifestyle much later in life than ever before. It’s why we created our Retirement Lifestyle Booster mortgage specifically for the over 60s who could do with a little boost to their finances.
How it works: pays a fixed amount each month for 10 years with the option of an initial lump sum. In return, the mortgage holder pays us a set amount each month to cover the average interest due. At the end of the 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 your client is ready to downsize.
Here’s a list of some of our USPs for later life borrowers:
- No upper age restrictions on our products (maximum mortgage term may be limited)
- Up to 5 year term to an 89 year old
- Up to 16 year term to a 70 year old
- We consider earned income up to the age of 70 and pension income beyond that
- We accept rental and investment income that can be evidenced on an SA302.
We’re able to take this because we individually underwrite each case on its own merit, using a ‘common sense’ approach. We have no set maximum loan and we don’t credit score, which means we might be able to provide a mortgage for your client who has been turned down elsewhere (in particular for those in or nearing retirement).
We’re all set to help you find the right solution for them. To find out more, call them on: 01372 744155. Alternatively, please email: mortgage.desk@familybsoc.co.uk or visit intermediaries.familybuildingsociety.co.uk.
