Family Building Society has introduced a new range of owner-occupier interest-only and buy-to-let products.
Two-year fixed rate owner-occupier interest-only products have reduced by 5bps and two-year fixed-rate buy-to-let products by 10bps.
Five-year fixed rate owner-occupier interest-only rates have increased by 10bps although five-year fixed rate buy-to-let products have been held.
In addition, Family Building Society has improved its buy-to-let lending criteria. The maximum LTV available across all UK Landlord (including Offset), Limited Company, and Expat buy-to-let product ranges has been increased to 75%. Applications for Multi-Unit Freehold Blocks (MUFBs) will remain at 70%.
Limited Company buy-to-let lending criteria has also been enhanced, with one additional Standard Industry Classification (SIC) code now included. As a result, Family Building Society is now able to consider applications from SPVs registered under either of the following SIC codes:
- 68100 – Buying and selling of own real estate
- 68209 – Other letting and operating of own or leased real estate
- 68320 – Management of real estate on a fee or contract basis
Darren Deacon, head of intermediary sales, said: “Enhancing our already flexible buy-to-let criteria by increasing our maximum LTV, as well as adding to our acceptable list of SIC codes, will be welcomed by UK and expat landlords.
“And as the market undergoes further upheaval with uncertainty surrounding swap rates, landlords looking for short term security of rate will, I’m sure be pleased to see the price reductions we were able to make on our two-year fixed rate products.”
