Family Building Society has announced a reduction for landlords looking for a five-year fixed-rate buy-to-let mortgage.

The society has cut the rate by up to 0.3% (that’s 30 basis points in mortgage jargon) and made it easier to qualify for a mortgage with them.

Here’s the headline news:

• The new five-year fixed rate starts at just 4.59%.
• You can now borrow up to 65% of the property’s value, up from 60%.
• The minimum loan amount has been slashed from £100,000 to just £45,000.
• The maximum loan amount has been increased from £600,000 to £750,000.
• There’s no application fee and no product fee!
• You get a free valuation (worth up to £500!).
• If you’re remortgaging, you get £500 cashback!

Darren Deacon, in charge of sales at Family Building Society, says this is a brilliant deal for landlords who want some peace of mind about their mortgage payments for the next five years.

So, what’s changed?

Previously, you could only borrow up to 60% of the value of a property with Family BS. Now you can borrow up to 65%, meaning you need a smaller deposit. Plus, you can now borrow smaller amounts, opening this mortgage up to more people.

What about limited companies?

The society has pulled its five-year fixed-rate product for limited companies with a 60% loan-to-value. If you’re a limited company landlord, it’s worth chatting to a mortgage broker to find the best deal for you.