The Family Building Society Retirement Mortgage
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The Family Building Society Retirement Mortgage Review
Retirement Mortgage Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 2.94% | 4.30% |
Scheme Incentives
- Free Valuation
- Free Application
- Legal Fees Contribution
Scheme Offers
- Interest Only Rate
- Variable & Fixed Rate Options
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release scheme with all the choices available.
Or is it?
Is the The Family Building Society Retirement Mortgage, equity release scheme the best?
Don’t let your equity release dream become a nightmare!
Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.
However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.
As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.
- Detailed information about the Retirement Mortgage scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Retirement Mortgage product.
What's Equity Release?
We've summed up the most important information about the topic in this quick video.
An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.
Learn More: What’s Equity Release?
How Does Equity Release Work?
Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.
Learn More: How Does Equity Release Work?
How Much Can You Release?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
Who Are The Family Building Society?
Scheme Background
Family Building Society. An award-winning building society that does things differently with flexible mortgage and savings products for the modern family. No matter your age, your story matters.
They continue to innovate, yet aim to retain a human touch to lending by manually underwriting all of their mortgages & providing personal advise on a variety of solutions to fit the unique needs of all their savvy savers.
Join a family of over 47,000 account holders throughout England and Wales that benefit from the personal service and innovative products of this mutual Building Society. Owned by and run for the benefit our members since 1896 and a trading name of National Counties Building Society
Trusted, reliable & the 1st choice for family mortgages & savings… That’s Family Building Society
Eligibility & Requirements
Minimum Property Valuation
Property Location Requirements
Single vs Joint
Minimum Release
The minimum loan is £45,000 for purchase and remortgage and £2,000 for further advance. No minimum for product switches.
Scheme Features
A mortgage of £100,000.00 payable over 14 years initially on a fixed rate for 5 years at 3.49% and then on variable Managed Mortgage Rate, currently 4.39% for the remaining 9 years, would require 63 monthly payments of £290.83 and 105 monthly payments of £365.65, plus one initial interest payment of £287.70.
Valuation Features
The valuation is free for properties up to £500,000. For properties above £500,000 the standard valuation fee scale applies, less £330 discount.
Early Repayment Feature
Equity Release Council Status
Joint Application Features
Scheme Options
Repayment Options
Inheritance Protection
Application Fees
The application fee is £175 + Valuation Fee for purchase and remortgage.
Cashback Options
A cashback of £500 on completion for remortgage applications.
Footnotes
Family Building Society updates are still in the works. We will give an update soon.
The Family Building Society's Other Equity Release Schemes
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Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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HOW MUCH EQUITY CAN YOU RELEASE?
Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
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