Rates were reduced by up to 0.30%
Family Building Society has announced a number of changes across its mortgage product range, including rate reductions on residential and buy-to-let products.
The lender said that all repayment five-year owner-occupier fixed rates have been reduced by 0.20%, with core range products now starting at 4.99% and joint mortgage sole owner (JMSO) fixes starting from 5.09%.
Interest-only owner-occupier five-year fixes at 60% loan-to-value (LTV), as well as its retirement interest-only mortgages, have been reduced by 0.10%, with the core range now starting at 5.54%.
All five-year buy-to-let fixed rates have also been reduced, with those for UK landlords slashed by 0.20%, starting at 5.84% with a £999 product fee, while those for limited company SPVs cut by 0.30%, starting at 5.75% with a 2% product fee.
Expat two-year discount rates have also been reduced by 0.25%, now starting at 5.99%.
The lender also announced in its latest product update that all two-year owner-occupier fixed rates have been withdrawn without replacement.
Meanwhile, the majority of its interest-only two-year owner-occupier discount rates have been increased, with the 60% LTV core and JMSO products raised by 0.20%, the 80% LTV core and JMSO products increased by 0.30%, and the 80% LTV expat upped by 0.10%.
“This new set of mortgage products reflects the relative stability we now see across the mortgage market,” Keith Barber (pictured), director of business development at Family Building Society, said. “These rate reductions will be especially welcomed by intermediaries looking to help underserved borrowers who may be coming to the end of their existing fixed term loans and looking to fix their repayments for the foreseeable future.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
