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Helping the retired move home and borrow more
The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Time for a change
Pat and Peter decided it was time for a change of scenery. By moving closer to town, they would be able to go out whenever they wanted, with a selection of restaurants and shops right on their doorstep.
After a long search, they found the house they wanted and, although it was smaller than their current home, the central location bumped the price up. Considering the price of their new home, together with the extra costs that come with moving, such as Stamp Duty, they knew they would need to take out a mortgage.
“Fortunately we have very good pensions. We knew we could afford a mortgage if it was reasonable.”
An unpleasant experience with their bank
Both Pat and Peter have healthy pensions, so affordability wouldn’t have been a problem for them. The problem they encountered was their age.
The couple knew that being in retirement could affect which lenders would consider them for a mortgage but, luckily for the couple, they had a competent financial adviser on hand to steer them in the right direction. Their adviser told them he would be able to find a suitable lender, but that they should check with their bank to see what they could do for them.
“Our only experience had been with another bank, but when we first took out a mortgage on the house, they were positively rude.”
Pat and Peter’s experience with the bank was less than stellar. The couple were astounded with the way their high street bank and inhouse mortgage advisers dealt with their case. They felt patronised and belittled by a mortgage provider that did not take the time to understand their circumstances.
Home sweet home
Fortunately for Pat and Peter, their financial adviser suggested the Family Building Society because of our lack of upper age limits and our personal service. With us they found a reasonable and thoughtful service and, because each application is individually underwritten, they were in their new home in no time.
“With the Family Building Society, you know it’s being done properly.”
A year later, the couple found themselves in a bit of a sticky situation. Between their boiler breaking and their plans to convert the loft in their house, Pat and Peter knew they wanted a further advance on their mortgage.
This time they decided to go through the mortgage process themselves – when they first took out the mortgage their financial adviser dealt with a lot of the paperwork, so they were initially surprised by the level of detail involved this time around. However, their point of contact within the Family Building Society made the process as painless and transparent as possible.
“Your representative was marvellous because he gave us advice without telling us what to do. That was lovely.”
Impressed with our service
Pat and Peter were overwhelmed with the service they received, especially after how poorly treated they were by their bank. The Family Building Society prides itself on providing an exemplary customer service to everyone, regardless of their circumstance.
We consider every application on a case by case basis, so Pat and Peter knew they were in good hands right from the outset.
Are you retired and need a new mortgage or want a further advance?
We don't let age get in the way. We specialise in retirement and offer a number of different later life mortgage options.