Later life mortgages
Retired or approaching retirement? Unlike the big banks we don't judge people by their age and can offer generous mortgage terms beyond the age of 60.
At Family Building Society we offer mortgage lending into retirement. We understand there are many different reasons why you may want a mortgage in later life. For example, you may want to downsize, free up capital to fund a holiday home, make home improvements or help your children or grandchildren get onto the property ladder.
How can we help?
We don’t turn down people's mortgage applications because of their age. We treat our older borrowers the same as our younger ones. We can lend up to the age of 95 at the end of mortgage term across our standard repayment mortgage range.
We'll take income into account - we'll accept earned income to age 70, or even 75 if you are in a non-manual job role. And we'll accept non-earned income from a variety of sources such as fixed pensions, pension pots, investment and rental income.
We don’t believe in a ‘one size fits all’ approach to mortgage lending and actively look for ways to help when other mortgage lenders cannot.
What are the options available to later life borrowers?
Owner occupier mortgages
Our standard range of Owner Occupier mortgage products are available to later life borrowers.
- Owner Occupier Repayment mortgages – these types of mortgages are available up to a maximum age of 95 at the end of the term.
- Owner Occupier Interest-Only – these mortgages are available up to a maximum age of 89 when the loan commences.
Buy to Let mortgages
Our standard range of Buy to Let mortgage products are available to later life borrowers.
- Buy to Let Interest-Only mortgages – these mortgages are available up to a maximum age of 89 when the loan commences.
Retirement Interest-Only (RIO) mortgage
Our RIO mortgage is an Interest-Only mortgage that don't have a specific end date. This later life specialist mortgage is designed for those over aged 55 who are looking to stay in their home and avoid downsizing until a specific event, such as moving into long-term care or passing away, triggers the repayment of the mortgage.
Joint Borrower Sole Proprietor (JBSP)
Our JBSP mortgage arrangement can also be an option for older borrowers. This arrangement is designed to enable family members to help support each other with affordability when applying for a mortgage, so older borrowers can be supported by their adult children's income.
Why should I consider a mortgage later in life?
Unlocking the value tied up in your property can provide a significant lump sum or regular income without having to sell and move out of your home. It can help boost your retirement income, allowing you to maintain your standard of living or meet unforeseen expenses. Making necessary home improvements or adaptations (e.g. installing a stairlift, modifying bathrooms) to accommodate ageing in place can be funded through a later life mortgage.
Our mortgage products
Whatever your situation we offer a range of fixed and discounted rate mortgages, suitable for remortgage or purchase on both an Interest-Only and repayment basis
Mortgage Calculators
We have a range of mortgage calculators that can give you a good idea of how much you can borrow and how much your repayments might be.
Case study
Warwick tells the story of the struggles he and his wife Lynda had in getting a new mortgage close to his retirement, and how we were able to help them.
Ready to apply for a later life mortgage?
Contact our expert UK team
Existing customers
Savings - 03330 140144
savings.service@familybsoc.co.uk
Mortgages - 03330 140146
mortgage.service@familybsoc.co.uk
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Ashley Square, Epsom, Surrey, KT18 5DD.
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