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Later life mortgages

Are you looking to borrow into retirement? Unlike the big banks we’ve been providing retirement mortgages to those aged 60 or over for many years.

The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Are you approaching or in retirement and looking at later life mortgage options?

People over 60 often find it difficult to extend their mortgage term with their current lender simply because of their age.

This is where we can help. Borrowing in retirement is our specialist subject.

We don’t believe in a ‘one size fits all’ approach and have helped many retirees remain in their home or downsize by allowing them to have a mortgage with us well into their retirement - we strive to help when other lenders can’t or won’t just because it’s too complicated.

 


Our later life lending solutions

  • If you want to get a mortgage in your 60's or 70's we’ll always take the time to listen, it’s what we do.
  • If you are looking to raise capital for lifestyle purposes, help family members onto the housing ladder, purchase a second property as a Buy to Let or are looking for an alternative to Equity Release we may be able to help.
  • We have a personal approach to lending, using common sense and real human beings to manually underwrite all our mortgages.
  • We offer different borrowing options, short or long term mortgages, to suit your future plans.
  • We offer generous mortgage terms for older borrowers with a range of fixed and variable mortgages suitable for remortgage or purchase:
    • Owner Occupier repayment mortgages – up to a maximum age of 95 at the end of the term
    • Owner Occupier Interest-Only and Buy to Let mortgages – up to a maximum age of 89 when the loan commences.

  • We’ll take into account earned income up to the age of 70 and other sources of income beyond that such as pension, investment and rental income. We can also accept rental and investment income that can be evidenced on an SA302.

Mortgage affordability calculator

See how much you could could borrow for your later life mortgage.

Arrange to speak to us about your later life mortgage requirements

If you'd like to know more about our mortgages into retirement then please complete our short enquiry form and we'll be in touch within two working days.

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Am I eligible for a later life mortgage?

We provide mortgages to customers based on a range of criteria as we understand that everyone’s life circumstances and financial goals are different. Here are a few details you be should be aware of to check that you could be eligible for a later life mortgage with Family Building Society:

  • Our minimum loan amount is £45,000
  • The maximum term we will lend up to is 40 years
  • The minimum mortgage term we offer is 5 years
  • We are unable to consider short term lending including bridging finance 
  • Our loans are subject to minimum accepted property value or purchase price (whichever is the lower) of £120,000
  • Property type:
    • We accept residential properties in England and Wales either freehold or leasehold
    • We do not accept new build flats, studio flats, freehold flats and flats above a commercial premises (however these may be considered subject to certain conditions being met)
    • We can't consider ‘Holiday Lets’ on a Buy to Let basis
  • We cannot lend on properties that are owned by a trust.


A summary of our current lending terms which apply to our mortgage products can be found here 

Later life mortgage case studies

We have supported many customers in retirement. 

David and Moyra, for example, wanted to relocate and move closer to their children. They were not aware their age would be a problem when finding a mortgage. Unlike the high street banks we were able to help. Read more.