Real life mortgage case studies

Becoming a homeowner in retirement

After years of privately renting and living with friends, Alicia decided she wanted to become a homeowner again in her retirement.

She hadn’t had a mortgage for six years, but the lease on a private rental she was living in ended abruptly, leaving Alicia wanting the sense of security and belonging that owning a home brings.

“This experience was very discombobulating and unsettling, and I made the decision that I didn’t want to be in this position again.”

Choosing where to re-locate

Alicia eventually decided she wanted to move back to Wales, where she’s originally from. The next steps were to apply for a mortgage and find a property.

“I lived in Welwyn Garden City prior to retirement and decided I wanted to look for an area I wanted to settle in. I visited Norfolk, Cornwall, Wales, and Italy and it frustratingly took a few years to decide on somewhere – I had a lovely time looking though!”

We were able to offer her our 5 Year Fixed Rate Retirement Interest Only (RIO) mortgage.

“I hadn’t heard of this product before I started looking, but I’m glad I did. I think it’s a good option for someone in my position. I tried a few other lenders but their rates weren’t as good.”

Alicia’s mortgage application was accepted, and she found her ideal property in Wales. However, this unfortunately fell through after bats were found in the attic and she decided to pull out and find another property.

Second time lucky

After the disappointment of having to pull out of the property she’d found in Wales, Alicia resumed her search and found a new property in a lovely village in Cornwall. She had the property surveyed and no issues were found.

“One of the most memorable parts to this process was receiving a satisfactory Mundic test on the property. This meant I was able to proceed to purchase, which was a huge relief. Peter Cook, my mortgage advisor, was extremely memorable. He was utterly brilliant throughout what was an incredibly difficult and stressful situation.”

“I’d encourage anyone else looking to relocate in retirement to do it. Take the bull by the horns and go for it.“

“I’d recommend Family Building Society for sure. Throughout this stressful process I was treated with respect and consideration. The information given to me was without jargon and fluff, which helped me make informed decisions."