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    the majority of our variable savings rates have been increased from 24 June. Rate increases for Windfall Bond and Tracker Savings Bond apply from 1 July. (Updated 1 July.)

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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.

"It's just given me enormous peace of mind with the knowledge that I'm the master of my own destiny."

What led Gavin to needing a new mortgage?

When his current Interest-Only mortgage came to an end, Gavin (68) knew he wanted to maintain his monthly payments and stay in his house. This meant he needed a similar product, so he approached his current lender to see what they could do.

What he hadn’t banked on was his age affecting the kind of mortgage he was eligible for. Gavin wanted an Interest-Only mortgage for a reasonable term, but his current provider said they would only consider him for a capital repayment mortgage.

“I saw no need, with a good pension and a very low debt equity ratio, to go into capital repayment.”

High street banks unable to help

Despite the reliability of his index-linked pension, Gavin found himself in an all too common position for people in their 60s and above. The lenders he approached told him that they could not offer him a mortgage term beyond the age of 70.

This came as a surprise to Gavin, who saw his financial position as particularly stable, meaning he felt he would have no problem affording the payments. Unfortunately, the high street banks he tried would not budge on their policies.

“They said they were very sorry but they didn’t consider Interest-Only mortgages for people beyond the age of 70. That was it. End of story.”

Equity release and downsizing wasn't an option

Gavin was now in an uncertain position, having to choose from a range of options, none of which appealed to him.

He wasn’t interested in equity release, nor did he want to downsize so soon. Gavin’s best bet, as he saw it, was to sell up and rent until he could use the capital to move somewhere more suitable. Although Gavin wasn’t happy with any of these outcomes, at this point he wasn’t sure what else he could do.

“With mainstream lenders, you just get left in the lurch.”

A common sense approach

Gavin discovered the Family Building Society after reading about us in a national newspaper. He read how others in similar situations to his own had found solutions and got in touch to discuss his circumstances and how we could help.

As we consider every mortgage on a case by case basis, we took into account Gavin’s healthy pension, rather than just looking at his age. This is why we don’t have an upper age limit, as circumstances are different for everyone, whatever their age.

Peace of mind for the future

Gavin was thrilled when we offered him an 18 year Interest-Only mortgage, meaning he could stay in his home until he decided it was time to downsize.

“It’s enabled me to remain where I want to stay until I feel the need to relocate, which I will do at some stage in the future.”

For Gavin, getting an Interest-Only mortgage gave him back control over where he lived for the coming years. It was a huge relief to find a lender that reasonably considered his circumstances.

Gavin was grateful he wasn’t pressured to downsize or make the difficult decision to sell, particularly as a few years earlier he had been widowed and felt staying in his own home was an immense comfort to him.

“It’s just given me enormous peace of mind with the knowledge that I’m master of my own destiny.”

Are you retired and struggling to find a lender who will help you?

Later life lending is our specialist subject and we can help you stay in your home. See how we can help.

Go to later life mortgages

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