Family Building Society has enhanced its retirement lifestyle booster mortgage with an optional one-off lump sum paid to the borrower on completion.
The enhancement is designed to give borrowers the opportunity to make home improvements or go on holiday.
The maximum amount of the lump sum will be two years’ worth of monthly advances, subject to this amount being ‘left’ after existing mortgage is repaid and 10 years of monthly advances are taken account of.
Keith Barber, director of business development at Family Building Society, said: “Our retirement lifestyle booster has proved very popular since its launch in October 2016.
“In making the changes announced today we are responding to feedback from our customers and mortgage advisers.
“This is an innovative solution for retired borrowers who do not wish to see their housing wealth eroded by the roll-up of interest which can be a feature of lifetime mortgages.”