• 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.

"With the Family Building Society, because it's a smaller operation, it's much more personal. I quite like that."

Current lender was unable to help

Being of retirement age can be a red flag to many mortgage providers, with some outright refusing to lend to people in their 70s and beyond.

This was an unfortunate truth that Rod and his wife Susan discovered when they decided to move closer to the town centre, in Exmouth, Devon. Despite having a healthy income from pensions, their current lender was unable to grant them a mortgage because of their ages.

“Our income is fairly solid. We have a few pensions, so in that sense it was okay. It was just their policy: they have an upper age limit and that was it.”

Their search for a mortgage at 70

This was frustrating for Rod and Susan, who now faced the choice between finding another lender or not buying at all.

It seemed silly to them that their current lender was prepared to continue their current mortgage until Rod was 104, but weren’t able to consider them for a new one. So Rod took to the web and, after a few searches, found the Family Building Society.

“The question used to be ‘can you afford this mortgage?’ Frankly, if you have a reasonable pension, you should be considered.”

Offsetting their savings

Because the Family Building Society has no upper age limit, we were able to look at the couple’s income from pensions and recognised that they could afford a capital repayment mortgage with a reasonable term.

We gave them a single point of contact to guide them through the whole process and, along the way, it became apparent that Rod and Susan could benefit from an Offset Mortgage.

An Offset Mortgage works by using your savings to reduce either the term of your mortgage or your monthly repayments. As Rod and Susan’s savings weren’t earning very much in their current state, it made sense for the couple to use them to better advantage.

“With the interest rates on savings so low these days, it’s effectively doubled the income we would get from savings.”

A personal approach and common sense

Rod and Susan liked the personal approach to their case, where a single member of staff at the Family Building Society handled everything from start to finish. It was refreshing for them to see a financial institution work so closely with them.

“With the Family Building Society, because it’s a smaller operation, it’s much more personal. I quite like that.”

With no more obstacles in their way, Rod and Susan moved into their new home, happy with the knowledge that a lender dealt with their circumstances with a bit of common sense.

Not only did they manage to secure their mortgage, but along the way took advantage of an offer that helped them make the most of their savings.

Could an Offset Mortgage work for you? Want to know more?

Offset mortgages are suitable for those who have money set aside but don’t need to use it right away. Find out more.

Go to Offset mortgages

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