• Homes for Ukraine - important information can be found here.

  • Savings members: Following the Bank of England’s decision to raise the Bank Rate by 0.25% to 1.25% on 16 June 2022, Windfall Bond and Tracker Savings Bond rates will increase by 0.25% from 1 July 2022.  In addition we are pleased to say that many of our variable rate accounts will also be increasing from 24 June 2022. We will be informing affected customers of their new rate via email or letter shortly. (Notice updated 20/06/2022).

    Mortgage members: Tracker mortgages will change on 25 July 2022 and we will write to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage. (Notice updated 20/06/2022).

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

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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.

"If it wasn't for you we wouldn't be where we are today, close to our family."

Relocating to be near their children

David and Moyra have spent the last 36 years living in their family home in Mansfield, in the East Midlands. Over that time they have gradually seen their four children fly the nest and three have settled with their own families in the South East.

Both retired, they were keen to be nearer their children and grandchildren and looked at relocating to the South East. However, property prices between where they were living and where they were looking were remarkably different.

David and Moyra didn’t want to downsize too much when they moved. They liked their home being a family home, where everyone could come at Christmas. Despite being mortgage-free for some years, they also couldn’t afford to buy a like-for-like sized property in the South East without a mortgage.

“We knew we were going to have to downsize, but we also wanted to keep a family home. All our children regarded our home in Mansfield as the family home, and we didn’t want to be in a situation where they had to queue up to visit.”

Too old for a mortgage

Initially the couple visited their high street bank to find out what their options were to get a mortgage.

“We weren’t really aware our age would be a problem. The bank wouldn’t even entertain the idea of it.”

David and Moyra’s children kindly offered to get a mortgage with them, hoping that it would make it easier for them to get approved for a mortgage by a high street lender. However, David and Moyra wanted to maintain their independence and researched alternative options to raise enough money to buy the house they wanted.

“We really wanted a mortgage where we knew where we stood and our family would know where we stood.”

Mortgages in retirement

David then found out about the Family Building Society after searching on the internet. The Family Building Society has been offering mortgages for people in retirement for a long time. By manually underwriting applications, the Society is able to consider each application on its own merit, assessing for affordability, rather than immediately disqualifying due to age limits.

David and Moyra spoke with an in house mortgage adviser who assessed their needs and confirmed they would qualify for a mortgage.

The couple then began house hunting in the South East and put an offer in on a new build they saw from the plans. However once the house began taking shape the couple realised it wasn’t quite the family home they wanted.

They went back to the Society to see if they would be approved for a larger mortgage to get a house that all the family could stay in if needed. After being reapproved for a larger mortgage, David and Moyra found a new build, four bedroom house that they felt would be right for their new family home.

“We like the security of knowing what we’re going to be paying for the next five years. The Society were very patient with us whilst we kept looking for a house, eventually settling on the third house we applied for. If it wasn’t for you we wouldn’t be where we are today, close to our family.”

Considering taking out a new mortgage in later life?

We specialise for those in, or nearing retirement and can lend up until the age of 95. Find out more about our unique approach to lending to older borrowers.

Go to later life mortgages

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