Family BS reduces rates and enhances buy-to-let lending criteria

Family Building Society has launched a new range of residential interest-only and buy-to-let mortgage products. 

Two-year fixed rate residential interest-only products have reduced by 5bps and two-year fixed rate buy-to-let products by 10bps. 

As part of the changes, five-year fixed rate residential interest-only rates have increased by 10bps.

In addition, Family Building Society has improved its buy-to-let lending criteria. The maximum LTV available across all UK landlord (including offset), limited company, and expat buy-to-let product ranges has been increased to 75%. Applications for multi-unit freehold blocks (MUFBs) will remain at 70%.

Limited company buy-to-let lending criteria has also been enhanced, with one additional Standard Industry Classification (SIC) code now included. 

As a result, Family Building Society is now able to consider applications from SPVs registered under either of the following SIC codes:

• 68100 - Buying and selling of own real estate
• 68209 - Other letting and operating of own or leased real estate
• 68320 - Management of real estate on a fee or contract basis

Darren Deacon, head of intermediary sales at Family Building Society, commented: “Enhancing our already flexible buy-to-let criteria by increasing our maximum LTV, as well as adding to our acceptable list of SIC codes, will be welcomed by UK and expat landlords. And as the market undergoes further upheaval with uncertainty surrounding swap rates, landlords looking for short term security of rate will, I’m sure, be pleased to see the price reductions we were able to make on our two-year fixed rate products."