Last monthapplications were up7.5% year-on-year and 4% from 2015, its previous best June. In May the society increased the maximum age for borrowers to 95 and back in April cut interest rates across its buy-to-let range.
Family Building Society has had its strongest June for three years in terms of applications, rising by 20% from May.
Last monthapplications were up7.5% year-on-year and 4% from 2015, its previous best June. In May the society increased the maximum age for borrowers to 95 and back in April cut interest rates across its buy-to-let range.
All fixed rate products were reduced between 0.25% and 0.45%,while all variable rate products including buy-to-let offset mortgages were decreased between 0.2% and 0.25%.
Keith Barber, director of business development at Family Building Society, said: “Business over the last four weeks has been very brisk and I think this is in reaction to the changes in interest rates we announced in April, alongside a change to the maximum term we offer to old people in repaying mortgages. It clearly showsstrongdemand from older borrowers in repayment business.”
