New validity periods
You spoke and Family Building Society listened. A fixed completion deadline will no longer apply to new fixed-rate products. Instead, they have introduced a 3-month application validity period as well as a 3-month validity period from the date of the mortgage offer. Fixed-rate mortgage products launched prior to 5 September will still be subject to their relevant completion deadline unless they specifically advise that this has been extended.
This means that your clients will have 3 months from the date an application is received in order to secure an offer for one of their on-sale mortgage products. Once a fixed rate mortgage product is offered, the mortgage offer will be valid for 3 months.
Their variable rate products will also be subject to the application validity period; however, the offer period remains unaffected and will continue to be 5 months.
They believe this new approach will provide greater flexibility and clarity for you and your clients.
Find out more and see what this means for your applications
Family Building Society’s brand new product range
As of 5 September 2022, they are launching a brand new fixed-rate product range.
Owner Occupier fixed rate products
- 2-year repayment from 4.44%
- 2-year interest-only from 4.64% (semi-exclusive, speak to your BDM to access these rates)
- 5-year repayment from 4.29%
- 5-year interest-only 4.49% (semi-exclusive, speak to your BDM for more information)
- 2-year JMSO repayment from 4.54%
- 5-year JMSO repayment from 4.39%
Specialist mortgages including their Family Mortgage, RIO and Retirement Lifestyle Booster are also available.
Buy to Let fixed rate products
Their new BtL fixed rate range includes products for UK Landlords, Limited Co. BtLs and expats. All fixed rates have increased by 0.75% from the previous range.
See full details of their new product range here.
There are no changes to their discount rate products at this time.
They have a team of BDMs ready, willing and able to answer any of your queries and guide you through the application process. If you don’t have a BDM in your area, you can contact their dedicated Mortgage Desk.