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Helping the retired back into home ownership
Changing retirement plans
David and his wife had big plans for retirement. They intended to sell their home, wrap up their business and emigrate to New Zealand to start a new life down under.
But sadly fate had other ideas. With their house already sold, David was diagnosed with an illness that meant he was unable to fly, putting a stop to their travel plans.
They had already moved into a rented property and found themselves in no man’s land, with rental and house prices soaring. As they were retired, they didn’t think they’d be able to get a mortgage and thought their only alternative was a retirement complex with the local authority which didn’t appeal at all.
After so many rewarding years travelling the world with successful careers, raising a family and climbing the property ladder, they’d never envisaged renting in their retirement.
When their landlady told them she wanted to sell the house it was a wake-up call. Were they really stuck renting or was there something they could do?
Our personal approach to lending
David vaguely remembered an article he’d read in the Telegraph about a building society lending to older people. He started doing some research online, recognised our name and gave us a call.
Despite being in retirement, David and his wife still had a good income with which to pay a mortgage – their pension. They were still in their 70’s, so well within our lending criteria, in fact over a decade younger than the maximum age of 89 at application that we lend to.
“We were so happy with what you could offer us…. it was good…. I just liked everything, it felt so natural, like this is where we belong.”
Finally, after 16 years of renting, they’re settled into their very own home just minutes from family and friends.
“It became very enlightening what we could borrow at such low interest rates.”
“Our mortgage is less than half what we were paying in rent, it’s a drastic saving from that point of view.”
Not only does their new home give them security but they’re substantially better off. Their mortgage payments are now less than half the rental payments there were making, so they’ve been able to keep some money back for emergencies, updating the house and helping their family.
“It seems to be a win, win, win! I’m extremely happy about that I must say.”
Straight forward and honest service
From the very first person he spoke to, David found our service enlightening and straight forward.
“Superb, superb from the word go.”
“It was just so straight forward it really was.”
Their dedicated mortgage adviser was true to his word all the way through and was always on hand to answer any queries or concerns.
Enjoying their retirement
It might not be the retirement they’d planned, but David and his wife couldn’t be happier and finally feel that things are looking a lot brighter.
After renting for so long, they were raring to go and full of ideas to update their home and make it exactly how they want it. They can now sit back and relax and enjoy their retirement.
“All of a sudden we seem to be in the right place at the right time... we love it, it’s everything we want.”
“The Family Building Society was a bit of an eye opener to me, I found them very helpful”
Are you retired, renting and looking to get back on the property ladder?
Find out how we can help those who still have borrowing needs in later life.