Family Building Society - Launch of Retirement Lifestyle Booster

24 October 2016

With effect from Monday 24 October The Family Building Society will launch its Retirement Lifestyle Booster Mortgage.

Family Building Society Products are available to intermediaries via National Counties Building Society.

The Retirement Lifestyle Booster is for older borrowers aged 60+ who -

• Aren't ready to downsize and want to access equity from their property, and 
• Either own their property outright or have a small mortgage outstanding, and 
• Have a comfortable retirement income and are looking to benefit from a little extra each month.

Please find attached details of interest rates, fees etc.

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Additional information for the Retirement Lifestyle Booster Mortgage

• Monthly drawdown mortgage paid in 120 equal monthly payments
• Interest only loan over a 10 year term - repayment of capital is due at the end of 10 years
• Acceptable repayment strategy is required e.g. downsizing
• Interest calculated monthly
• Monthly payment is level covering the 'average' interest due over the 10 years
• ERC's payable where mortgage is fully redeemed during the first 3 years (see attached)
• Available for remortgage only up to 25% LTV
• Property must be main residence 
• Minimum loan amount £60,000 if no outstanding existing mortgage to be repaid or, £45,000 if repaying existing mortgage
• Minimum property value of £240,000 if property is owned outright or, £180,000 if repaying existing mortgage
• At point of application youngest borrower must be aged 60 or over and, oldest borrower aged 79 or under
• Can be ported to a new property

Information Files