Family BS reduces residential rates and enhances HMO criteria

Family Building Society has announced rate reductions across owner occupier range, alongside enhancements to its HMO criteria.

Rates across the Society’s two-year residential range have reduced by 10bps, alongside 5bps reductions to the three and five-year fixed rates.

In addition, two-year fixed rate interest-only products have been reduced by 10bps. Following a reduction of the Society’s Managed Mortgage Rates, which takes effect from 7th February, discounted two and three year interest-only rates will also benefit from a 15bps reduction.

Family Building Society has also enhanced its HMO criteria which is now available for properties with six bedrooms.

Darren Deacon, head of intermediary sales at Family Building Society, commented: “These rate reductions will be welcomed by intermediaries and borrowers alike in what remans quite an uncertain and competitive market.

"For landlords looking for an alternative lender with a flexible and case-by-case approach, our enhanced HMO criteria will also be welcome news.”