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.
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Santander
Santander launches 98% LTV ‘My First Mortgage’
First-time Buyer
Improved affordability sparks 20% rise in first-time buyers: NationwideÂ
Inflation
Further rate cuts dampened as inflation rebounds to 3.4%
Mortgage Rates
Two Big Six lenders increase mortgage rates as swaps rise
Bank Of England
Bank of England holds interest rates at 3.75% in narrow 5-4 vote
Interest Rates
Looser Fed policy stance could slow further rate cuts, policymakers warn