If you have a client who is looking for an alternative to equity release, don’t forget to consider the Family Building Society’s Retirement Lifestyle Booster.
- For you – A viable alternative to equity release but with no need for extra qualifications such as CeRER.
- For your clients – Help them make the most of one of their biggest assets, while avoiding rolling up interest payments as would be the case with equity release.
This award-winning interest only mortgage offers the option of an up-front lump sum, as well as a regular monthly payment for 10 years. The up-front lump sum can be used as your clients wish: from getting some work done or enjoying a ‘once in a lifetime’ holiday, to helping to fund their grandchildren’s education or first home needs.
How the Retirement Lifestyle Booster works
- Provides a fixed amount each and every month for 10 years or a lump sum at the beginning of the term followed by smaller monthly payments
- Your client pays a set amount each month to the Family Building Society to cover the ‘average’ interest owed
- At the end of 10 years, assuming all the interest payments have been made, what’s owed is what was borrowed
- Upper age limit of 79 at application
About the Family Building Society
- Human underwriters review applications on an individual case by case basis
- Earned income taken into account up to the age of 70 and pension income beyond that
- Rental and investment income accepted if it can be shown on an SA302
- Award winning products combined with specialist expertise of lending to those aged 60+
- For owner occupier mortgages, other than the Retirement Lifestyle Booster, they can lend up to a 5 year term to an 89 year old and a maximum 16 year term to a 70 year old
- No upper age restrictions on products (though the maximum mortgage term may be limited), aside from the Retirement Lifestyle Booster
For more information:
Telephone: 01372 744155
Email: mortgage.desk@familybsoc.co.uk
