Family Building Society has launched a refreshed mortgage product range featuring rate reductions of up to 20 basis points, with new interest-only options aimed at borrowers seeking high-value loans.
The updated range includes reductions across both owner occupier and buy-to-let products, as well as the addition of new 2-year fixed rate interest-only options for loans between £500,000 and £4 million. These variants will be made available on a semi-exclusive basis via selected distribution partners.
For owner occupiers, interest-only 2-year fixed rates have been cut by 10bps, while the 5-year fixed equivalent has been reduced by 5bps. On repayment products, the 2-year fixed rate sees a 20bps reduction, with a smaller 5bps cut to the 5-year fixed.
The joint borrower sole proprietor (JBSP) product has also seen a notable rate reduction, with its 2-year fixed variant lowered by 25bps.
Buy-to-let rates have been adjusted across the board. The Society has trimmed its standard 2-year fixed rate for UK landlords by 15bps, with a 5bps reduction on the 5-year option. Limited company landlords will see 15bps shaved off both 2- and 5-year fixed rate products. In addition, a new 5-year fixed rate buy-to-let mortgage with a 3.00% product fee has been introduced, available for both purchase and remortgage applications.
Darren Deacon, head of intermediary sales at Family Building Society, said: “The introduction of these lower priced products maintains our position of delivering competitive rates combined with the unique flexibility we can provide through our manual underwriting philosophy. I am sure our intermediary partners will also welcome the reduced buy-to-let rates which not only benefit UK landlords but expats too.
“In response to intermediary feedback I am also pleased that we’ve introduced new owner occupier 2-year fixed rate high-loan variants for mortgages over £500,000, available via our packaging partners, providing even greater flexibility for borrowers requiring larger loans.”
The new product range is available with immediate effect. Full details can be accessed via the Society’s intermediary portal.
