Buckinghamshire Building Society and Air Group launch exclusive product to support later life community
07 September 2021
Buckinghamshire Building Society has partnered with Air Group, the leading later life services platform, to launch an exclusive four-year, fixed-rate later life mortgage product for borrowers over the age of 50.
The product comes with a 75% maximum LTV, is fixed at 2.89% until 30 November 2025, and has a £999 product fee. With a ‘no maximum age’ policy and bespoke underwriting, the Society will be working closely with Air Group to provide its adviser users with access to this product.
Speaking about the exclusive product, Tim Vigeon, Head of Lending at Buckinghamshire Building Society said: “We have listened to recent feedback from Air Group, highlighting that over 70% of advisers identified a need for longer-term fixed products so this seemed the perfect time to partner with a distribution business which offers well-respected specialist support in the later life sector.”
The product offers loans between £100k up to £750k with a choice of interest-only, repayment or part and part loans to tailor to the specific needs of the customer. It also uses flexible ways to look at other forms of income that may be used in addition to standard pensions combining this with affordability as an alternative to income multiples.
Stuart Wilson, CEO of Air Group commented: “We are delighted to move to the next phase of adviser and member services as we bring an ever-increasing choice to members to support their clients. Our ambition is to broaden our award-winning services into selecting the best products for older borrowers and this is a significant new product for members.
“We have run a successful pilot scheme called Air Prestige Packaging, which we are now moving into the operational phase with this product and we expect to announce further products soon. The idea is that these additional options will support members to give their clients more choice than anywhere else.”
Buckinghamshire Building Society Key Account Manager, Julie Hanif, said: “We are delighted to introduce an exclusive product that not only supports the ever-changing later life sector, but continues to enhance our relationship with Air Group and the adviser community they serve.”
