The Family Building Society Equity Release And Lifetime Mortgage Review in 2024

Are You Looking Into The Family Building Society and Wondering If They Offer Equity Release to Unlock Capital? Find Out What Their Services Entail, As Well As Fees and Interest Rates. Read On…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways:

  • The Family Building Society does not offer traditional equity release but provides alternatives like RIO mortgages and a Retirement Lifestyle Booster.
  • Their RIO mortgage has no specific end date for balance repayment and requires monthly interest payments, targeting individuals aged 65 and above.
  • The Retirement Lifestyle Booster is a ten-year interest-only mortgage offering regular monthly payments and an optional upfront lump sum for those aged 60-79.
  • Initial interest rates for their RIO mortgage and Retirement Lifestyle Booster are 3.89%, changing to a follow-on rate of 5.54%.
  • Fees include valuation, application, solicitor's, and advice fees, with equity release costs typically ranging from £1,500 to £3,000.
  • Currently, equity release rates are between 5.20% to 6.30%*

If you are currently doing research about The Family Building Society, then you have come to the right place.

Our experts are working tirelessly to secure the best information available about the UK's most renowned financial institutions, and top equity release providers, offering equity release and / or other services.

In This Article, You Will Discover:

    Therefore:

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of The Family Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by The Family Building Society.

    Brief Overview of Equity Release

    Equity release lets homeowners over 55 unlock the financial value of their home while continuing to live in it. It's a flexible option for accessing wealth tied up in your property, often used for enhancing retirement lifestyles or assisting with financial planning.

    In equity release, there are typically two options: lifetime mortgages and home reversion. With a lifetime mortgage, you take out a loan secured against your home, with the amount repaid from your estate after your death. Home reversion, on the other hand, involves selling a portion of your property to a provider for a lump sum or regular income, while retaining the right to live there.

    Who Is The Family Building Society?

    The Family Building Society is an award-winning building society that has been offering financial services since 1896.1

    In 2014, The Family Building Society was started by National Counties to help families wanting to become homeowners.2 

    Why You Should Consider The Family Building Society

    You should consider The Family Building Society because it has been in business for a considerable time, seeking to assist people in purchasing properties.

    More reasons to consider The Family Building Society:

    • It offers mortgages to meet your needs.
    • It is an award-winning society.
    • It has years of experience and a proven track record.
    • The approach to mortgages is that each deal is different, and no one approach is suitable for everyone.
    • It offers interest-only mortgages up until the age of 89.

    What Services Does The Family Building Society Offer?

    The Family Building Society offers a range of insurance, mortgage, and savings services.

    The services offered by The Family Building Society:

    • Mortgages
    • Later Life Mortgages
    • Savings Offset Mortgages
    • Savings Accounts
    • Bonds
    • ISAs
    • Winfall Bonds
    • Tracker Savings
    • Children's Savings Accounts

    Does The Family Building Society Offer Equity Release or Lifetime Mortgages?

    No, The Family Building Society does not offer equity release in a traditional sense.

    However, it does offer different later-life lending products, such as an RIO mortgage and a Retirement Booster.

    The Family Building Society’s Alternatives

    The Family Building Society does not offer any equity release schemes.

    However, it offers other mortgages catering to later-life borrowers.

    It offers RIO mortgages and a Retirement Lifestyle Booster Product as an alternative to traditional equity release.

    This booster product is aimed at retirees aged between 60 and 79 and is a ten-year standard interest-only mortgage that provides you with regular monthly instalments and an optional lump sum.

    The Family Building Society’s Alternatives' Features

    These are the features of The Family Building Society's alternatives on offer.

    Retirement Interest-Only (RIO) mortgages 

    • No specific end date for balance repayment.
    • For those age 65 and above.
    • No roll-up interest.
    • Monthly interest repayments are required.

    Retirement Lifestyle Booster

    • For those aged 60 - 79.
    • Ten-year interest-only mortgage.
    • Offers regular monthly payments for ten years and an optional upfront lump sum.
    • The mortgage is transferable, should you want to move during the mortgage term.

    What Are The Family Building Society’s Interest Rates?

    The RIO mortgage on offer from The Family Building Society has an initial interest rate of 5.20% to 6.30%*, which is fixed for five years and will then change to 5.54%* as a follow-on rate.

    Interest rates on offer with the Retirement Lifestyle Booster Mortgage are 3.89%* for the first ten years and then a follow-on rate of 5.54%* after that.

    Also:

    The Family Building Society also offers standard mortgages to retirees, and the rate you may receive on these products will depend on your home's value and age, as well as the loan term.

    The annual fixed interest rate for equity release starts from 5.20% to 6.30%*.

    *While we regularly review our rates, these may have changed since our last update.

    What Are The Family Building Society’s Fees?

    The Family Building Society’s fees include items such as valuations and advice fees.

    More information on it's fees.

    • Valuation fees - A fee will be charged for new applications.
    • Application fees - £175 will be charged for applications.
    • Solicitors fees - You will need to cover your own solicitor's fees.
    • Advice fees - Your adviser will charge their own fees, which you will need to cover.

    As a rule of thumb, the fees for equity release normally total between £1,500 to £3,000, and you would probably do well to plan for a similar amount for an RIO mortgage.

    *The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount.

    Does The Family Building Society Have An Alternative for an Equity Release Calculator?

    Yes, The Family Building Society has an RIO mortgage calculator.

    However, if you are looking for an equity release calculator, you can always use our equity release calculator for an approximation of how much equity you could release.

    What Are The Advantages and Disadvantages of The Family Building Society?

    The advantages and disadvantages of The Family Building Society are that it works on a case-to-case basis for each application; however, it does not offer equity-release products.

    More information:

    The Family Building Society Pros

    The pros of The Family Building Society include that they accept clients up to the age of 89.

    More information:

    • Anyone over the age of 65 can apply; retirement is not a prerequisite.
    • Equity release can be used for home improvements.
    • It takes into account income earned up until the age of 70.
    • The terms it offers are longer than most other lenders.
    • It takes a personal approach to lending done on a case-to-case basis.
    • Reduced interest rates are offered for up to ten years.

    The Family Building Society Cons

    The cons of The Family Building Society Include that you can only apply when you are 65 and over.

    More information:

    • You can only apply for retirement mortgages when you are over 65.
    • It does not offer traditional equity release options.
    • If you do not keep up repayments on your mortgage, you could face foreclosure.
    • Equity Release will impact the amount of inheritance you can leave.
    • Equity Release may not be suitable for everyone, which is why your advisor will ask you to consider other options before proceeding.
    • You may want to discuss the option of equity release with your loved ones, to make them aware that it is something you are considering.

    How Did We Review the Information on The Family Building Society?

    We compiled this guide about The Family Building Society by studying all the relevant information about it and it's product offerings.

    NOTE: This article is an unaffiliated, independent, third-party, review of The Family Building Society.

    The Family Building Society Customer Reviews

    The Family Building Society reviews have mainly been complimentary.

    They have a 4.5 out of 5 rating on Trustpilot.

    Customers have applauded them for providing great facilities and customer service.

    The Family Building Society Complaints

    The Family Building Society complaints can be directed to the team in the following ways:

    • In writing - address complaints to:
      The Family Building Society, Ebbisham House, 30, Church Street, Epsom, Surrey, KT17 4NL.
    • By telephone - call on 03330 140 146
    • By email - mortgage.service@familybsoc.co.uk
    • In person at one of The Family Building Society branches

    The Family Building Society is committed to trying to resolve any of your concerns in a timely manner.

    Alternatively, you can leave a review on one of the popular review sites for The Family Building Society’s attention.

    The Family Building Society FCA Details

    Trading Names

    • Family Building Society
    • NCBS
    • National Counties Building Society

    FCA Permitted Services

    • Banking
    • Insurance
    • Mortgages and Home Finance
    • Pensions
    • Investments
    • Other Services

    Regulators

    • Financial Conduct Authority (FCA)3

    Registration Numbers

    • FCA reference number: 206080
    • Mutuals Public Register number: 218B

    The Family Building Society Contact Number and Address

    • +44 3330 140 141
    • Ebbisham House, 30, Church St, Epsom, KT17 4NL, UK.

    Common Questions

    Who Owns The Family Building Society?

    Does The Family Building Society Have Any Jobs On Offer?

    Does The Family Building Society Offer Equity Release?

    In Conclusion

    The Family Building Society could be the right fit for you if you are looking for the financial services they have on offer.

    They are authorised and regulated in the UK by the Financial Conduct Authority (FCA) and thus adhere to the strict guidelines that are in place.

    Not only are they award-winning, but customers also have mostly good things to say about it's service and team. 

    We do recommend that you chat with your financial adviser before making any decision.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

    Related Articles
    Penrith Society Equity Release

    Are You Considering Equity Release With Penrith Building Society? Find Out What Products Penrith Offers, the Pros and Cons and Fees. It’s All Here.

    Vernon Society Home Equity Release

    Are You Interested To Find Out About Vernon Building Society? Get the Latest Information on Offer, Including What Vernon Building Society Offers, Pros, Cons, Fees, and More! Read On…

    Mansfield Society Equity Release

    Does Mansfield Building Society Offer Equity Release in 2024? Read This to Discover Who Mansfield Building Society Is and What Products It Does Offer. Have a Look…

    Mansfield Society Equity Release

    Does Mansfield Building Society Offer Equity Release in 2024? Read This to Discover Who Mansfield Building Society Is and What Products It Offers. Have a Look…

    Newbury Society Equity Release

    Are You Planning On Using Newbury Building Society’s Equity Release Options? Find Out More About Its Retirement Mortgage Plans and Standard Lending Services BEFORE YOU COMMIT…

    Scroll to Top