23 February 2017
The Family Building Society’s Retirement Lifestyle Booster mortgage, which was first offered to customers in October 2016, has been enhanced following feedback from customers and mortgage brokers.
The Retirement Lifestyle Booster mortgage will offer an optional one off lump sum paid to the borrower on completion. This can be taken alongside the regular monthly advances and repayment of any existing mortgage.
This enhancement gives borrowers the opportunity to do things such as home improvements or take their family on holiday on day 1 rather than waiting for the monthly advances to build up. All cases for this product will still receive a monthly advance however this enhancement means that some will also have a one off lump sum on completion.
The maximum amount of the lump sum will be 2 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.)
Brokers can contact the Family Building Society New Business Team on 03330 140140 or visit www.familybuildingsociety.co.uk/ should you require any further information.