Equity Release Club adds Family Building Society to its panel

Michael Lloyd

May 31, 2019

Equity Release Club, the distributor for equity release and later life advisers, has added Family Building Society to its panel.

Members of the club can now access the Family’s range of mortgages for those in later life including owner-occupier repayment mortgages, available up to a maximum age of 95 at the end of the term.

Gary Little, commercial director at AIR Group, said: “It’s fair to say that the Family Building Society has a wide selection of products which cater for later life borrowers, and with its newly-launched range of RIO mortgages, it is undoubtedly embracing the sector and providing increased choice for both advisers and their older clients.

“Working with a lender like the Family means we can broaden product availability to our members and also continue to educate the wider advisory community about the opportunities that exist in the later life sector, not just around the mortgage but also in terms of all the product needs this demographic of clients have.

“There is growing demand for later life advice and, by working with the Family Building Society, we hope to inspire more activity in this area and to ensure that later life clients know exactly where they should go to secure quality, professional advice.”

Keith Barber, director of business development at Family Building Society, added: “We are pleased to be working with Air Group, who like us, recognise that older borrowers need a holistic approach to finance and mortgages.

“Our range of innovative products and highly personal approach to underwriting ensures that these sometimes complex requirements are understood and dealt with on an individual basis.”

The society also offers owner-occupier interest-only and buy-to-let mortgages up to a maximum age of 89 when the loan commences.

The Family Building Society also offers a retirement lifestyle booster product for those aged 60 and over, which it said is ideal for those who want to use the equity in their current property to provide regular monthly advances, in addition to an optional initial lump sum.

Family uses manual underwriting on all its mortgage cases, and can take into account earned income up to the age of 70 and pension income beyond that; it also accepts rental and investment income that can be evidenced on an SA302.

Last month the society launched a range of three Retirement Interest-Only (RIO) products, allowing borrowers to free up equity in their property with monthly interest payments.

These products are only available to club members via AIR Prestige – the full service, para-packaging proposition for advisers seeking the right lending solutions for their clients.

All three products come with a maximum LTV of 50% and a minimum age at application of 65. The three products currently are: a 5-year fix priced at 3.69%, a discounted variable rate for term, currently priced at 3.84% and a flexible RIO, currently available at 3.94%.

This features including over/underpayments, payment holidays and a borrow-back facility.

The Equity Release Club, AIR Prestige, the Later Life Academy – the commercial and training organisation for later life advisers, and AIR Sourcing – the sourcing system for equity release and retirement lending products, are all part of the AIR Group.

This is the group of companies covering a range of retirement and later life services.

AIR Group will be holding its second annual National Later Life Adviser Conference, in association with the Equity Release Council, at the Madejski Stadium, Reading on the 25 June.

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