Family Building Society highlights opportunity for later life lending in Guernsey
Family Building Society will focus more on later life lending in Guernsey after promoting the later life opportunities there.
The society started lending there in early 2017 and Keith Barber, director of business development at the lender said that business development manager, Michelle Parry-Bunter, will be visiting the region more, talking about the product range and helping them meet their product needs.
Over 50 members of the public and representatives of the States of Guernsey attended a Later Life Lending conference organised by Family Building Society and largemortgageloans.com
Barber said: “We’re pleased to do it and it’ll help the older residents there potentially, helping to give them access to funding they can’t receive now. Other lenders there only lend up to 65 so its been a real problem up until now.
“The high attendance of members of the States of Guernsey and the public at the conference highlights that the complex borrowing needs of an ageing population are a universal problem not limited to the UK mainland.
“They have a relatively old population. Young people leave for uni, and often aren’t coming back so they have a disproportionate older customer population so the government is looking at how they can adapt to their older population and what has to change.
“Family Building Society is at the forefront of providing practicable lending options for the older borrower, particularly for those whose wealth is tied up in their property.
“Guernsey has its own set of unique circumstances and we have designed a number of mortgage options specifically for this underserved market.”
Paul Welch, managing director of largemortgageloans.com, said: “The majority of Guernsey enquiries we receive are from borrowers over 65 who are often asset rich but cash poor but who need sensible funding options.
“Our involvement with the Family Building Society and their innovative range of products is a major step forward in giving islanders a wider choice of mortgages better suited to their individual circumstances.”