The society offers alternatives to equity release including a 5-year mortgage for an 89-year-old and a 16-year term for a 70-year-old.
Family Building Society has signed a deal to distribute its mortgage products through the Equity Release Club and retirement lending sourcing system AIR Sourcing.
The society offers alternatives to equity release including a 5-year mortgage for an 89-year-old and a 16-year term for a 70-year-old.
Family also offers a ‘retirement lifestyle booster product’, an interest-only product paying a fixed sum every month for 10 years, with the client covering the ‘average’ interest due every month and selling up after 10 years.
Stuart Wilson, group managing director at Answers in Retirement, said: “We are very pleased to begin what promises to be an exciting year with the addition of Family Building Society to AIR Sourcing and the Equity Release Club.
“As the market-leading club for advisers dealing with older clients, we continue to ensure members get access to all mortgage products for older borrowers.
“The Family Building Society has developed an exciting and truly innovative range of options for consumers in this sector.
“We will be detailing the products at our free events running throughout January, February and March to support advisers and the products are immediately available on our award-winning sourcing tool, AIR Sourcing. We look forward to working closely with the team at Family Building Society.”
Air Sourcing was launched in May last year and since its launch the system has grown to 1,500 registered users conducting over 1,900 sourcing sessions each month.
AIR Sourcing and the Equity Release Club, as well as the Later Life Academy (LLA), are part of the Answers in Retirement Group - the group of companies covering a range of retirement and later life services.
Cammy Amaira, head of intermediary sales at Family Building Society, said: “We are delighted to be offering our range of mortgages through AIR Sourcing.
“Later life borrowers need access to lenders that don’t judge their application purely on their age alone.
“The Family Building Society has been at the forefront of lending to this underserved market for many years, and our latest addition to our ever growing product portfolio is our highly popular Retirement Lifestyle Booster.
“AIR Sourcing is an ideal platform for the Retirement Lifestyle Booster and gives brokers yet another important lending option for their clients looking for an alternative to equity release.”
