Equity Release Club, the distributor for equity release and later life advisers, has today announced that Family Building Society is the latest lender to be added to its panel.
Members of the Club will benefit from Family’s range of mortgages for those in later life including owner-occupier repayment mortgages, available up to a maximum age of 95 at the end of the term, and owner-occupier interest-only and buy-to-let mortgages, which are available up to a maximum age of 89 from when the loan commences.
The Family Building Society also offers a Retirement Lifestyle Booster product for those aged 60 and over, which it says is ideal for those who want to use the equity in their current property to provide regular monthly advances, in addition to an optional initial lump sum.
Last month the Society launched a range of three Retirement Interest-Only (RIO) products allowing borrowers to free up equity in their property with monthly interest payments. However, these products are only available to club members.
Commenting, AIR Group commercial director Gary Little said: “It’s fair to say that the Family Building Society has a wide selection of products which cater for later life borrowers, and with its newly-launched range of RIO mortgages, it is undoubtedly embracing the sector and providing increased choice for both advisers and their older clients.
“Working with a lender like the Family means we can broaden product availability to our members and also continue to educate the wider advisory community about the opportunities that exist in the later life sector, not just around the mortgage but also in terms of all the product needs this demographic of clients have. “
Family Building Society director of business development Keith Barber added: “We are pleased to be working with Air Group, who like us, recognise that older borrowers need a holistic approach to finance and mortgages. Our range of innovative products and highly personal approach to underwriting ensures that these sometimes complex requirements are understood and dealt with on an individual basis.”
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