The products have been added to the club’s sourcing system, AIR, which lists equity release and retirement lending products.
The Family offers mortgages for older borrowers as an alternative to equity release, for example, lending up to a five-year term for an 89-year old and up to a 16-year term for a 70-year old.
Cammy Amaira, head of intermediary sales at Family Building Society, said: “Later-life borrowers need access to lenders that don’t judge their application purely on their age alone.”
The building society takes into account a client’s earned income up to age 70 and pension income beyond this. The society recently launched its interest-only Retirement Lifestyle Booster product that pays a fixed sum every month for 10 years.
The client pays a set amount each month to cover the ‘average’ interest due and, at the end of the 10 years if the client has made all the payments, the amount owed is the same as the initial amount borrowed. Clients are then able to repay the loan by selling their home and downsizing so as to be mortgage free.
AIR Sourcing, the Equity Release Club and the Later Life Academy are part of the Answers in Retirement Group.
