"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."
The Family Building Society 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.
Family Building Society has also recently launched its new Retirement Lifestyle Booster product. The interest-only product 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 last year. Since its launch the system has grown to 1,500 registered users conducting over 1,900 sourcing sessions each month. The system covers at least four times as many product choices as other systems featuring all products from all retirement lending providers with users able to access its unique ‘Research Filters’ to show all product variations.
AIR Sourcing 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, which are all part of the Answers in Retirement Group.
Stuart Wilson, Group Managing Director at Answers in Retirement Ltd, commented: “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. The Family Building Society has developed an exciting and truly innovative range of options for consumers in this sector."
Cammy Amaira, Head of Intermediary Sales at Family Building Society, said: “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.”
