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Retirement Lifestyle Booster

The Family Building Society's Retirement Lifestyle Booster is aimed at people wanting to make the most of the money tied up in their home and seeking extra money each month for life's luxuries. It's available for remortgage for clients aged 60 to 79 at age of application.

If you'd like to see how much your client could get each month, please use our Retirement Lifestyle Booster calculator.       

The Retirement Lifestyle Booster is a 10 year interest-only mortgage that is repaid with a lump sum at the end. Every month the Retirement Lifestyle Booster pays a fixed sum to your clients. The same amount every month for up to 10 years. In return, your client pays us a set amount each month to cover the 'average' interest due. At the end of the 10 years, assuming all the payments have been made, what your client owes is what they have borrowed - no more and no less. Your client then repays the loan by selling their house and moving somewhere less expensive, mortgage free, just like they planned to do anyway.

10 Year VARIABLE Rate
3.44% INITIAL RATE
Overall cost
for  comparison
  3.7%APRC
Compared with a standard interest-only mortgage there are two key differences: 

1. The loan amount is paid out in monthly instalments on the 10th day of each month. Same amount every month for 10 years unless your client tells us to stop it earlier. Any existing mortgage is repaid from the agreed loan at the start of the Retirement Lifestyle Booster, along with the optional lump sum.

2. Interest is charged on the balance outstanding each month, just like a normal mortgage. As the balance builds up, the amount of interest charged increases. What's different is that your client pays us an amount each month that covers the 'average' interest due over the 10 years of the loan. That's more than just the interest due in the early years (the excess reduces the balance on which interest is charged) and less in the later years. The interest rate is variable and may rise or fall in future. If this happens, we'll recalculate the monthly amount paid to us, which may go up or down.

For more information please read our:

Retirement Lifestyle Booster brochure
Product summary
Lending criteria
Retirement Lifestyle Booster application pack

If you have a specific case in mind and would like to discuss the options available to your client, please call us on 01372 744155. We can also arrange for your Business Development Manager to contact you.

Alternatively, you can email us at mortgage.desk@familybsoc.co.uk and one of our team will get back to you.

If you'd like to receive regular updates from us on our products and services including new product launches, please register for our email updates.

Retirement lifestyle booster case study

Julie, 73, moved into her four bedroom detached house with her late husband 40 years ago where they raised two children. Julie now has four grandchildren and her house is now worth much more than when they bought it.

Eventually Julie would like the majority of the equity in the house to be left to her children. She’s not ready to leave the house yet as she likes all the family coming to stay at Christmas and weekends, but Julie also knows that in the future she will have to move somewhere smaller when the house becomes too big for her on her own.

Julie has a comfortable income thanks to her late husband’s final salary pension with the civil service and her own private pension.

While Julie has enough income to comfortably live on each month, she would like to have a little extra to help pay for some of life’s luxuries. Julie would also like to be able to help contribute towards her grandchildren’s school fees each term, and also be able to afford to go on holidays regularly.

Julie chooses a mortgage of £100,000 which allows her to opt for an initial lump sum of £10,000 as well as receiving £750 each month for up to 10 years. This will enable her to help her family, and go on more holidays with her family and friends. In return she’ll pay us the ‘average’ interest due every month. At the end of the mortgage term in 10 years, Julie will sell her house and downsize as a means of paying off the capital outstanding on the mortgage, just as she always planned to do.