Family Building Society has strongest June in three years

Michael Lloyd

July 4, 2018

Family Building Society has had its strongest June for three years in terms of applications, rising by 20% from May.

Last month applications were up 7.5% year-on-year and 4% from 2015, its previous best June. In May the society increased the maximum age for borrowers to 95 and back in April cut interest rates across its buy-to-let range.

All fixed rate products were reduced between 0.25% and 0.45%, while all variable rate products including buy-to-let offset mortgages were decreased between 0.2% and 0.25%.

Keith Barber, director of business development at Family Building Society, said: “Business over the last four weeks has been very brisk and I think this is in reaction to the changes in interest rates we announced in April, alongside a change to the maximum term we offer to old people in repaying mortgages. It clearly shows strong demand from older borrowers in repayment business.”

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