Family Building Society has lowered its minimum property value from £120,000 to £75,000 across its core owner occupier and buy-to-let mortgage ranges.

The change, announced today, 29 April, takes effect immediately.

The society has also reduced the minimum property value for retirement interest-only mortgages to £90,000.

In addition, the minimum loan size on the Family Mortgage has been cut from £96,000 to £60,000.

Darren Deacon, head of intermediary sales at Family Building Society, said: “These significant reductions is in response to feedback from our intermediary partners who need more options for individual borrowers, first-time buyers and portfolio landlords purchasing lower value properties.”