Lifetime mortgages that don’t have to last a lifetime
Navigating the three stages of retirement
Here at OneFamily, we believe that the stage your customer is at in retirement makes a big difference to the type of lifetime mortgage that’s right for them. Here’s a look at what we see as the three stages of retirement:
Early exciting years
Taking it easy years • Needs begin to change • No longer globe trotting • Want to move closer to family and friends • Potentially dealing with health issues • Lifestyle spending starts to slow down • Inheritance and legacy planning
Final years • Lifestyle spending slows down as energy levels drop • As health worsens, health costs could increase • Inheritance and legacy plans finalised
• New to retirement • Huge change from working life • Excitement but uncertainty • Financial worries • Want to enjoy their time - holidays, new interests, home improvements • Spending increases to fund activities
Customers in the ‘taking it easy’ and ‘final years’ will have a clearer sense of their retirement plans, making it slightly easier for them to commit to a long term financial decision like a traditional lifetime mortgage. But it’s hard for those in the early years to know what the first five or ten years of their retirement will look like. Will they experience good health and lots of exciting holidays and hobbies? Or poor health and relationship changes? Will they get bored and want to go back to work? All of these things can impact on the money your customers need and where they’ll want to live. That’s why at OneFamily, we offer a unique range of features with our lifetime mortgages to perfectly compliment the uncertainty that comes with this period in their lives.
Flexibility really matters to your customers
The truth is no one really knows what retirement will bring, that’s why customers will often avoid making irrevocable financial decisions that they may regret later. That’s why all of our products come with flexible features that’ll help your customers feel much more comfortable choosing a lifetime mortgage.
✓ ✓ No affordability assessment ✓ ✓ Fixed or variable rate option
✓ ✓ Downsizing protection after 5 years ✓ ✓ Fixed early repayment charges for the first 10 years ✓ ✓ No early repayment charges after 10 years
Choose from three products
Interest Payment Customers are able to pay back up to 100% of the interest each month,
Voluntary Payment Customers are able to pay back up to 10% of the capital each year, with no early repayment charge or affordability assessment needed.
Interest Roll-up Customers make no payments to their loan and the interest is rolled-up through the life of the mortgage.
with no affordability assessment needed.
Flexible features that come as standard All of our Lifetime Mortgages include options to repay the loan in full with no early repayment charges after 10 years, fixed charges for the first 10 years, and Downsizing Protection after 5 years.
That’s the sort of flexibility your clients demand - and deserve - and at the end of the day that’s what makes OneFamily’s Lifetime Mortgages so easy to recommend.
Use our Lifetime Mortgage Calculator to see how much your clients could borrow, and compare all three products. visit onefamilyadviser.com or call us on 0800 802 1645*
* Lines open 9am - 5.30pm, Monday to Friday. We might record your call to help improve our training and for security purposes. Calls to 0800 or 0808 numbers are free from UK landlines and personal mobiles. With business mobiles the cost will depend on your phone provider. If you’d like to know more, please ask your provider.
OneFamily Lifetime Mortgages Limited, registered number 09239554, is authorised and regulated by the Financial Conduct Authority (FCA) registered number 725168. OneFamily Lifetime Mortgages Limited is a subsidiary of Family Assurance Friendly Society Limited (FAFSL). FAFSL and all its subsidiaries are registered in England & Wales with registered offices at 16-17 West Street, Brighton, BN1 2RL, United Kingdom. 23829 001 08.2017Page 1 Page 2 Page 3 Page 4
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