Family BS expands mortgage range and eases JBSP criteria

Family Building Society has launched a refreshed range of mortgage products and made several key enhancements to its lending criteria.

These include changes to its Joint Borrower Sole Proprietor (JBSP) offering and greater access to House in Multiple Occupation (HMO) products.

The lender has introduced new owner-occupier interest-only and buy-to-let mortgage products, with selected rates reduced across the board.

Among the key changes:

2-year fixed rate owner-occupier interest-only products have been cut by 5 basis points
2-year fixed rate owner-occupier repayment products have been reduced by 10 basis points
Two new 2- and 5-year owner-occupier interest-only products at 80% LTV with no maximum loan size have also been launched
2-year fixed rate buy-to-let products have been cut by 10 basis points, while
5-year fixed rate owner-occupier repayment rates have increased by 15 basis points
5-year fixed rate buy-to-let products remain unchanged

The Society has also made significant adjustments to its JBSP lending criteria, raising the maximum loan size to £1 million. Previously, loan sizes were capped at £500,000 for 80% LTV repayment products. The new structure allows 80% LTV up to £750,000, and 75% LTV up to £1,000,000.

The Interest Only JBSP criteria remain unchanged at 80% LTV up to £500,000.

In addition, Family Building Society has widened access to its HMO mortgage range, which was previously available only on a semi-exclusive basis. Now, all intermediaries will be able to offer these products to clients, opening up more opportunities for landlords looking for specialised financing.

Darren Deacon, head of intermediary sales at Family Building Society, said: “We are always looking to build on our reputation as a lender that listens to brokers and offers sensible and flexible solutions for their customers.

“That’s why we have increased our maximum loan size for our range of JBSP products which, given the family help that is often required by first-time buyers and growing families making the next step on the property ladder, will be particularly welcome.

“In addition, by making our HMO products available to all intermediaries, many more UK landlords will be able take advantage of this specialised lending option.”