Family Building Society cuts Family Mortgage
The society’s 3-year fix is 3.14% (down 0.15%) until September 2018 and its 5-year fix stands at 3.44% (down 3.79%) until September 2020. Both mortgages come with a £545 product fee.
The Family Mortgage is designed to help first-time buyers on the housing ladder by getting another family member involved. They can put savings in an account or offer their home as security or let borrowers take out a lower rate mortgage by placing money in a no-interest offset account.
Cammy Amaira, head of intermediary sales at Family Building Society, said: “We continue to keep our mortgage offering competitive and the cut in our rates proves this point.
“The feedback that we have received from intermediaries and borrowers has been very positive. The Family Mortgage was designed specifically to allow family members to help first-time buyers by providing security and offsetting facilities.
“As home ownership becomes an ever more distant dream for younger borrowers, that fact that we can offer loans up to 95% of a property’s value is very significant and, with the benefit of offsetting, you won’t get a lower monthly payment anywhere on a 95% loan.”
The procuration fee for introducing intermediaries currently stands at 0.55%.