Family BS enters retirement interest-only market
Family Building Society has launched a range of retirement interest-only products.
The range consists of three products available at a maximum loan-to-value ratio of 50% and a minimum age at application of 65.
The two lump sum products include a five-year fixed rate at 3.69% and a discounted variable rate at 3.84%, both with a £999 fee.
The Society has also launched a flexible RIO product which allows overpayments, underpayments, payment holidays and a borrow back facility. The discounted variable rate is currently 3.94% with a £999 fee.
All three products will be available through selected intermediaries as well as through its direct channel.
The new retirement interest-only range adds to the Society's existing Retirement Lifestyle Booster, a standard interest-only product which provides a means of taking a regular ‘income’ from a property over a period of up to 10 years.
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