Family Building Society has announced it is reducing mortgage rates by up to 0.25% on some of its most popular deals.
The cuts affect both two- and five-year fixed-rate mortgages and apply to deals for homeowners and landlords. This includes landlords buying through a limited company.
The building society stressed that the cuts would be especially helpful for older borrowers struggling to find a good deal due to their age.
They’ve cut rates on their five-year retirement interest-only (RIO) mortgage to just 5.54%!
What are the new rates?
Here’s a breakdown of the new lower rates:
For Homeowners:
- Two-year fixed rate: Starting from 5.19%
- Five-year fixed rate: Starting from 4.74%
For Landlords:
- Two-year fixed rate: Starting from 5.69%
- Five-year fixed rate: Starting from 5.24%
Buy-to-Let Landlords Get a Bonus
On top of a rate cut, the Family Building Society has completely scrapped the product fee for their five-year fixed-rate buy-to-let mortgage. Here are the new rates for landlords:
- Two-year fixed rate: Starting from 4.55%
- Five-year fixed rate: Starting from 4.89% (no product fee)
Limited company buy-to-let mortgages are also available:
- Two-year fixed rate: Starting from 5.44%
- Five-year fixed rate: Starting from 4.99%
And for those living abroad (expats), there’s a competitive two-year fixed rate from 5.64%.
Darren Deacon, head of intermediary sales at Family Building Society, said: “We’re very pleased to offer these rate reductions across a wide range of products.”
He added: “They will be particularly welcome, I’m sure, for those under-served older borrowers struggling to remortgage simply because of their age and who need a lender willing and able to spend the time understanding their needs.”
This is great news for anyone looking to buy a home or remortgage in the current economic climate. So why not check out what the Family Building Society offers? You might be pleasantly surprised!