The Family Building Society Retirement Mortgage

Are You Considering the Retirement Mortgage Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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The Family Building Society Retirement Mortgage Review

Retirement Mortgage Key Details

Type Rate APR
The Family Building Society Fixed 2.94% 4.30%

Scheme Incentives

  • Free Valuation
  • Free Application
  • Legal Fees Contribution

Scheme Offers

  • Interest Only Rate
  • Variable & Fixed Rate Options
The Family Building Society Retirement Mortgage

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.

Could the The Family Building Society Retirement Mortgage be the right equity release plan for you?
We’re here to help you:
The Family Building Society is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with The Family Building Society?
Let’s find out!

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

Who Are The Family Building Society?

A little bit about them.
Learn a bit more about them here.

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.

Editor’s Rating: 4.85

The Family Building Society's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by The Family Building Society.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy to use table!

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.

See how much you can release today!

How Much Can You Release?

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Value of Your Home?

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As Featured In
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Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Written by
Nicola Date
Writer & Financial Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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Equity Release Calculator

Value of Your Home?

50000

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🔒 100% Secure & Fast. Takes Just 8 Seconds.

As Featured In
yahoofinance marketwatch