National Friendly Financial Solutions, the specialist phone-based financial advice service, has launched a new mortgage service aimed at the over-50s looking for a main home mortgage.
The new service will sit alongside National Friendly Financial Solutions’ other business lines, which include will writing, pensions and retirement planning, tax efficient investment planning and savings, and estate planning.
National Friendly Financial Solutions Mortgage Adviser Craig Richards said that the new proposition is suitable for individuals looking to re-mortgage, take out a new home loan, help finance their children on the housing ladder or simply extend their existing mortgage beyond retirement age.
Richards said: “Historically, lenders only granted a mortgage until the normal retirement age, but increasingly more and more lenders will now offer funding well into a person’s 80s.”
Richards said the new phone-based service will “fit neatly into a post-coronavirus world, where face-to-face contact is on the decline, yet a personalised, trusted service still very much demanded”.
He added that National Friendly Financial Solutions also believes there will be demand for the organisation’s new mortgage broking service, as customers look to upgrade or adapt their own homes to make them more suitable for longer retirements.
Richards said: “One of the most frequent requests among over-50s is for home improvement finance.
“Increasingly, people now want to stay in the communities where they have built up lifelong contacts, so the emphasis is shifting from buying a car or a new house to adapting the home, perhaps to look after a parent or even with an eye on their own needs later on.
“This kind of work could be financed via a mortgage, as costs can be substantially lower than some other forms of finance.”