“Tell us your story”
The most invaluable tool that we use when we carry out a mortgage application assessment for a later life borrower are our ears. Not a computer, or a credit score and especially not their date of birth.
We’d like to think that the Family Building Society is different. For one thing we listen. We listen to what real people say. They tell us a story. A story that says, “I’m in my 60s, 70s or 80s and I need a mortgage – how can you help me?’
We’ve been helping older borrowers long before it became the fashionable thing to do.
Our help takes many forms. It may be a retired couple that need to be closer to their children, to move from their family home that is simply too big or not suitable for their needs, or to help pass on some of their wealth to those who need it most, like grandchildren so they can own their first own home.
Or take the case of Pat and Peter, who in their 70’s needed a mortgage to move closer to the centre of town and were getting nowhere with mainstream lenders. Once their dates of birth were entered into a soulless computer, out spat a big fat ‘no’. They told us their story and we liked what we heard. Problem solved.
What about Brian and his wife, who had a portfolio of other properties and a strong pension and wanted a home more appropriate to their needs? Sure, said several other lenders, you can have a mortgage but only for a short term. We, on the other hand, have no upper age limit and so were able to provide a mortgage over a much longer term which also resulted in lower monthly repayments.
Then there is Derek and Rita, both retired who decided to take out a mortgage so they could buy a property for their daughter. They had savings but want to keep access to them for a rainy day. So even though they were both retired, we could provide an offset mortgage, giving both their daughter and their grandchildren the security they needed. Problem solved.
We could bang on a bit more, in fact we have many examples of solving real people’s real life problems – some are here: https://familybuildingsociety.co.uk/About-us-home/mortgage-case-studies.aspx
And we could bang on about our market share, business growth, rates, product terms, average LTV and all the other stuff that normally fills up award entries. But this isn’t about us. It’s about what we do and how we do it.
And we like to think we do it well. That’s why we think we should be “Later Life Lender of the Year”
But we’ll let you and our customers be the judge of that.