Family BS launches 95 per cent LTV first-time buyer deal

Family BS launches 95 per cent LTV first-time buyer deal

 

This product is designed for first-time buyers with family who want to help by pledging some of their savings, which can also be used to offset part of the mortgage balance and reduce monthly payments, or by providing a charge on their own housing equity.

The five-year fixed rate mortgage has a rate of 2.99 per cent, a £599 product fee and a £175 application fee. It is available from today.

Family BS has also introduced owner occupier products at 75 per cent LTV and a buy-to-let range at 65 per cent LTV.  

The product fee for five-year fixed rate repayment mortgages has been reduced to £999 and there have been rate cuts among fixed and discounted deals. Family BS has extended its completion deadline to 2 January 2021.  

In March, the mutual limited its lending for new business to 60 per cent LTV in response to market restrictions caused by the coronavirus pandemic. 

Keith Barber, director of business development at Family Building Society, said: “Even in this turbulent time, the housing market is seeing significant demand from firsttime buyers, but with many lenders restricting availability of mortgages to those with a large cash deposit, we think that our 95 per cent LTV family mortgage will help plug an obvious gap in the market. 

“As the property market eases itself out of lockdown, we know that the increases in LTV and rate reductions across our range of fixed and discounted products will be welcomed by intermediaries as they seek more lender choice and competitive rates.”