Family Building Society has cut rates across its two-year fixed mortgage range by up to 20 basis points (bps), with the changes taking effect from 19 October.

The largest reductions apply to the lender’s UK buy-to-let products, including those for houses in multiple occupation (HMOs) and limited company special purpose vehicles (SPVs), where rates have fallen by 20bps.

Two-year fixed rates for owner-occupier repayment and interest-only mortgages have been reduced by 15bps, while expat buy-to-let products, including HMO lending, have seen reductions of 10bps.

The repricing follows the recent launch of the society’s two-year fixed rate range and covers both residential borrowers and landlords.

NEW TRACKER PRODUCTS

Alongside the fixed rate reductions, Family Building Society has introduced a two-year expat limited company buy-to-let tracker mortgage priced at 5.54%, carrying a 1% product fee.

A new semi-exclusive tracker has also been launched at 4.54%, with a 3% fee and £500 cashback.

Both tracker products are available on an interest-only or capital repayment basis.

The society has left its five-year fixed rate mortgages unchanged, along with its existing variable rate products, including discount and tracker mortgages. Mortgage reversionary rates also remain unchanged.

Darren Deacon (pictured), head of intermediary sales at Family Building Society, said: “While long-term rate uncertainty continues, these lower-priced two-year options will be welcomed by owner-occupiers and landlords seeking the certainty that shorter-term fixed rates provide.

“The new expat limited company buy-to-let tracker also offers flexibility to landlords who are comfortable taking a view on potential movements in Bank Rate.”