"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."
Equity Release Club has added Family Building Society to its lender panel following its launch into the retirement interest-only market.
Members of the Club can now access the Family’s later life range including owner-occupier repayment mortgages, available up to a maximum age of 95 at the end of the term, and interest-only and buy-to-let mortgages, which are available up to a maximum age of 89 when the loan commences.
The Society also offers a Retirement Lifestyle Booster product for those aged 60 and over and launched its retirement interest-only range last month, which will be available to Club members via AIR Prestige.
Family Building Society uses manual underwriting on all its mortgage cases and can take into account earned income up to the age of 70 and pension income beyond that. It also accepts rental and investment income that can be evidenced on an SA302.
Rates currently start from 3.69% for a five-year fixed rate, 3.84% for a discounted variable rate, with a flexible RIO product starting at 3.94%
Gary Little, commercial director at AIR Group, commented: “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.
"There is growing demand for later life advice and, by working with the Family Building Society, we hope to inspire more activity in this area and to ensure that later life clients know exactly where they should go to secure quality, professional advice.”
Keith Barber, director of business development at Family Building Society, said: “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.”