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"We were very impressed from our first contact, through the entire application process"

Real life mortgage case studies

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The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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"The family Building Society does not judge older borrowers on grounds of age alone."

A mortgage for their dream home

David Johnson, a retired army officer, and his wife Valerie Johnson bought and ran a newsagent in Derbyshire’s Peak District when David left the army aged 55.

They decided to give up the business and move back to Lancashire, where they were originally from, to spend their later years.

The Johnsons have substantial income in retirement. David, now aged 65, has three army pensions and one NHS pension and Valerie has an NHS pension. In addition to this they have their own investments and savings. Having found their dream home in Ramsbottom, they decided to take out a mortgage.

Difficulty getting a loan

Mr Johnson went to see an Independent Financial Adviser (IFA) in the first instance and was told that all mortgages had to be paid off by the time the borrower turned 70.

As a long-term customer of Barclays Bank, Mr Johnson asked the bank for a loan. The bank said it would not lend to anyone over the age of 70 and that it was in fact impossible to get a mortgage at his age.

Mr Johnson read a story in the Daily Mail about the Family Building Society lending to older borrowers that caught his eye. He approached his IFA with his findings who suggested that he contacted the Family Building Society directly, which he did.

Lending to older borrowers

Johnson spoke directly to Peter Cook, a Mortgage Adviser at the Family Building Society, who was only too happy to help.

The Family Building Society will lend to those in retirement, up to the age of 89, provided that the borrower can prove the repayments are affordable. Each and every application is judged on its own merits.

The Family Building Society agreed to lend £120,300 (against a purchase price of £167,500) to the Johnsons over a 19 year term.

The human touch

The Family Building Society does not judge older borrowers on grounds of age alone. High street lenders often shun borrowers in retirement even though it is perfectly clear that many, particularly those receiving solid occupational pensions, can afford their contractual monthly payments.

“Unfortunately, lenders that use computers to make their decisions are often failing older borrowers.”

Mr Johnson was extremely pleased with the service provided by Mr Cook and the Society as a whole; the entire process was very thorough, well explained throughout and completed in a short timeframe.

Mr Johnson will be recommending the Family Building Society to his friends and family.

“The Family Building Society does not judge older borrowers on grounds of age alone.”

Are you struggling to get a mortgage in later life?

We've been providing mortgages to those aged 65 or over for many years. Find out more about our unique approach to lending to older borrowers.

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