Family BS cuts residential and buy-to-let rates by up to 0.55%

Family Building Society has announced reductions of up to 55bps across its range of residential and buy-to-let fixed rate mortgages.

Two-year owner occupier products for interest-only and capital repayment have been lowered by 50bps and five-year products have reduced by 40bps.

Repayment two-year fixed rates now start from 5.74% and five-year rates from 5.14%.

Interest-only two-year rates now start from 6.39% and five-year rates from 5.79%.

Five-year buy-to-let fixed rates have been reduced by 55bps and now start from 5.59%.

In addition, the buy-to-let range also sees the introduction of a new two-year fixed rate option for UK landlords, limited company special purpose vehicles and expats, with rates now from 6.09%.

The Family Building Society has also announced the withdrawal of all discounted variable rates with the exception of offset, JBSP and expat products.

Keith Barber, director of business development at Family Building Society, commented: “These significant reductions across our owner occupier and buy-to-let range will go some way to help older borrowers and landlords struggling with affordability and who need the flexibility and common-sense underwriting for which we are widely known."