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Retirement is for old people

When HRH Prince Philip says he is retiring at the mere age of 95, then perhaps we should all start thinking about it.

People don’t seem to get ‘old’ any more. Not by the definitions of yesteryear, in any case. This generation’s ‘elderly’ people seem increasingly to be in a new spring of youth.

Many would dearly love to retire, and indeed many have, but a significant number of the older generation simply don’t want to – and why should they, dammit, just because of a date on a calendar?

Yet financing retirement – which will happen eventually, even to the redoubtable Prince Philip - is one of the great challenges of our age.

Baby Boomers the country over are desperate to make the most of their money and the way that they live today for lots of reasons. We know this because we ask them.

Some want to move house but many in the last part of their lives don’t want to ‘downsize’ - they want to stay where they are. Many even want to extend their homes. Others, increasingly commonly, have a second family and want to carry on.

Yet despite the health and vigour which is evident in this ‘new’ old generation, most lenders will not even contemplate a mortgage which expires much after the age of 65. So even if you are in your late 40s now, it can be tough luck.

We at the Family Building Society don’t have a problem with this and we are here to help, provided simply that it’s all sensible and thought through.

We look at a borrower’s individual circumstances, not just their age.

This flexible approach allows us to lend to those in their 60s, 70s and even 80s. And because all of our mortgage applications are underwritten by a human being and not a computer, we have the flexibility to understand when someone who has a regular secure pension income, for example, is perfectly able to afford a mortgage.

Of course there are some potential issues that you need to think through with borrowing in later life, like the death of a partner, but we will go through those with you.

If you want to carry on when others don’t, or you don’t when others do, then we are here to help.

So if you think you can’t get a mortgage, the answer, in a great many cases, is: yes you can.

Call us and see - speak to one of our friendly and highly trained staff on 03330 140140 or find out more on our later life lending page.

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