The Family Building Society has launched its full range of later life mortgage lending products through the Equity Release Club and on AIR Sourcing, the sourcing system for equity release and retirement lending products.
The mutual offers products which lend up to, and in, retirement. It offers mortgages for those in later life 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.
It takes into account a client’s earned income up to age 70 and pension income beyond this.
AIR Sourcing and the Equity Release Club, plus the Later Life Academy (LLA), are part of the Answers in Retirement Group – the Group of companies covering a range of retirement and later life services.
The Family Building Society has also recently launched its new Retirement Lifestyle Booster product, which is also available via the Equity Release Club and on AIR Sourcing. It is an interest-only 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 down-sizing so as to be mortgage free.
AIR Sourcing was launched in May 216 and since then has grown to 1,500 registered users conducting over 1,900 sourcing sessions each month. It is available to registered advisers free of charge and offers products with enhanced terms for members of the Equity Release Club and Later Life Academy.
“We are very pleased to begin what promises to be an exciting year with the addition of Family Building Society to AIR Sourcing and the Equity Release Club,” said Stuart Wilson, group managing director at Answers in Retirement Ltd.
“As the market-leading club for advisers dealing with older clients, we continue to ensure members get access to all mortgage products for older borrowers. The Family Building Society has developed an exciting and truly innovative range of options for consumers in this sector.
“We will be detailing the products at our free events running throughout January, February and March to support advisers and the products are immediately available on our award-winning sourcing tool, AIR Sourcing. We look forward to working closely with the team at Family Building Society.”
Cammy Amaira, head of intermediary sales at Family Building Society, added: “We are delighted to be offering our range of mortgages through AIR Sourcing. Later life borrowers need access to lenders that don’t judge their application purely on their age alone. The Family Building Society has been at the forefront of lending to this underserved market for many years, and our latest addition to our ever growing product portfolio is our highly popular Retirement Lifestyle Booster.
“AIR Sourcing is an ideal platform for the Retirement Lifestyle Booster and gives brokers yet another important lending option for their clients looking for an alternative to equity release.”