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Old, bold and ready to move or refinance

We all know the boring things about getting older.

Bits of you that used to work, now they just ache; the bill for continually replacing lost reading glasses gets longer, and, dammit forgetting that whatsaname in the thingamajig.

Image of an elderly couple on a boatBut there is one big advantage of advancing years – something which is out of reach of the younger generations – and that is experience and wisdom.

That’s the great thing about being older. You’ve been round every block and often more than once. If you could get exams in survival, you’d have a PhD.

Yet there’s this great anachronism that most mortgage lenders think that with all this wisdom and years of experience with money, you wouldn’t consider whether or not it was affordable or what might go wrong and you’d then go on a wild spending spree in the high street with your mortgage money and dash off to the Caribbean with your loan. Then drop down dead.

So let’s say you have an interest-only loan that’s coming to an end and you can’t get an extension because, guess what, that was 25 years ago? What can you do?

Or what if you don’t want to leave your home and want to build an extension? Now what?

Or… well, imagine any scenario where you have a solid income into your retirement years and you want to buy or extend a property and you are over 60. Where do you go now?

At the Family Building Society we don’t do that. We treat and underwrite each case individually and we don’t credit score. This means that very often you can get a mortgage when other lenders have politely shown you the door, even if you’ve been a customer of the bank for longer than the person saying “no”!

We take into account earned income up to the age of 70 and pension income beyond that.

We also accept rental and investment income and we have an upper age restriction on taking out a new mortgage of 89.

In short, we treat you with just what you have in abundance.

Common sense.

To find out more you can read about our approach to later life lending here. And of course you can speak to one of our friendly team on 03330 140140.

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Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
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