Family BS lowers minimum property value across residential and buy-to-let ranges

Family Building Society has reduced its minimum property value from £120,000 to £75,000 across core residential and buy-to-let products.

The retirement interest-only minimum value property value has also decreased to £90,000.

In addition, the Family Mortgage minimum loan has decreased to £60,000 from its previous minimum of £96,000. 

The last criteria change folows the recent launch of a new range of reduced-price fixed rate residential mortgage products, with rates reduced by up to 0.30%.

Darren Deacon, head of intermediary sales at Family Building Society, commented: “These significant reductions is in response to feedback from our intermediary partners who need more options for individual borrowers, first-time buyers and portfolio landlords purchasing lower value properties. 

"This move, alongside our individual approach to underwriting, will be particularly welcome for those purchasing in areas where typical property prices can fall below £120,000.”