Does The Family Building Society Offer Equity Release in 2024?

The Family Building Society does not provide equity release; however, they adopt a family-centric approach to retirement planning, offering innovative mortgage products that consider the wider family's financial well-being without the need to release home equity.
  • Last Updated: 08 May 2024
  • Fact Checked Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui
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...
Every Investor Promise
Every Investor Promise
At Every Investor, our aim is to assist you in making informed financial choices. We are committed to maintaining rigorous editorial standards, yet it is important to note that our content may include references to our partner’s products. For full transparency, here is an overview of how we earn money.
Key Takeaways
  • The Family Building Society does not offer equity release but focuses on options like retirement mortgages, presenting a viable alternative to equity release for those over 55.
  • Committed to responsible lending, the Family Building Society prides itself on offering personalised customer service with flexible lending criteria.
  • Their mortgage options accommodate borrowers who might not meet the qualifications for traditional mortgages, often due to age constraints or other factors.

If you are currently researching The Family Building Society and the financial services they offer, 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 a number of financial services.

In This Article, You Will Discover:

    Therefore:

    Who Offers the Lowest Rates in 2024?

    Discover the Lowest Rates & Save

    Request a FREE call back & discover:

    • Who offers the LOWEST rates available on the market.
    • Who offers the HIGHEST release amount.
    • If you qualify for equity release.
    Family Building Society Equity Release

    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.

    Who Can Guide You Through Equity Release Alternatives at The Family Building Society?

    Industry experts and qualified advisers at The Family Building Society can guide you through equity release alternatives, offering expert, tailored advice to meet your specific needs.

    Who Are the Experts Behind 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 

    How Does Equity Release Work?

    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.

    Read More: Releasing Equity In Your House

    Why choose 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 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:

    Benefits of Choosing The Family Building Society

    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.
    • It takes into account income earned up until the age of 70.
    • The terms it offers are longer than those of 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.

    Considerations Before Opting for Family Building Society

    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.

    What Financial Services Does the Family Society Provide?

    The Family Building Society provides financial services, including mortgages, savings accounts, and insurance products, catering to the diverse needs of families and individuals.

    What Financial Solutions Does The Family Building Society Provide?

    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

    Is Equity Release Available at The Family Building Society?

    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.

    What Interest Rates Does The Family Building Society Offer?

    The RIO mortgage on offer from The Family Building Society has an initial interest rate of 5.25% 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.

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

    Understanding The Family Building Society’s Fees and Charges

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

    More information on it’s fees.

    • Valuation feesA 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.

    Where Can You Get Financial Advice When Considering Equity Release?

    When considering equity release, obtaining financial advice from an independent, qualified adviser is crucial.

    Advisers specialising in equity release can provide a comprehensive overview of the product, its benefits, and potential risks.

    They can also offer a market-wide comparison, ensuring that the chosen product aligns with the individual’s financial goals and circumstances.

    The provider recommends consulting advisers registered with the Equity Release Council to ensure high standards of advice and consumer protection.

    How We Analysed The Family Building Society Reviews

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

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

    What Customers Are Saying About The Family Building Society

    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.

    Are There Equity Release Alternative Calculators at The Family Building Society?

    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.

    Addressing 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’s FCA Registration Insights

    FCA registration affirms the society’s compliance with industry standards, enhancing trust and security for customers.

    The Family Building Society’s Trading Names Explained

    • Family Building Society
    • NCBS
    • National Counties Building Society

    Permitted Financial Services by The Family Building Society

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

    Who Regulates The Family Building Society?

    • Financial Conduct Authority (FCA)3

    The Family Building Society’s Registration Numbers Decoded

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

    How to Contact The Family Building Society

    • +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?

    What Is Equity Release?

    What Are The Fees Associated with The Family Building Society?

    How Can I Apply for The Family Building Society Product Offers?

    Is The Family Building Society Safe?

    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
    Scroll to Top