Mortgage News
Family BS increases owner occupier and family support mortgage rates
Family Building Society has increased rates on its owner occupier and family support mortgages as part of a product overhaul.
All mortgage products have been withdrawn and replaced except for the Retirement Lifestyle Booster and expat buy-to-let products.
Owner occupier deals above 60 per cent loan to value (LTV) have increased by 0.25 basis points, while the Family Mortgage has been increased by 30 basis points.
Cashback has been restricted to only remortgage applications on its owner occupier deals although it will continue to offer £250 cashback for Family Mortgage applications, £250 for offset remortgages and £100 for offset purchases.
Maximum LTVs for residential and BTL remain at 75 per cent and 65 per cent respectively.
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Interest rates for buy-to-let products remain unchanged and the mutual is continuing free or discounted valuations to all buy-to-let remortgage applications excluding expat.
Valuations are free for properties up to £500,000, and for properties above £500,000, the standard valuation fee scale applies less a discount of £330.
Family Building Society director of business development Keith Barber said: “We’ve seen very strong demand from intermediaries since the stamp duty holiday was announced.
“We’re confident that the changes we have made to our product set and the extension of free or discounted valuations for buy to let products will enable intermediaries to continue to take advantage of a lively purchase and remortgage market.”