From 3 October, the Family Building Society introduced new discounted variable owner occupier repayment and limited company buy to let products to their mortgage product range. Alongside their current on-sale products, you’ll have a variable option for all of your client’s cases.
Limited time Product Switch Promise for new and existing clients
They have also introduced a ‘Product Switch Promise‘ since yesterday. This means that any of your clients, who take out one of their discounted variable rate products, between now and the end of 2022, will be able to switch to a new fixed rate with them, up to six months later. There won’t be any switching fees nor any Early Repayment Charge for exiting the discounted variable rate early.
Their ‘Product Switch Promise’ also applies to your existing clients who reach the end of their current fixed or discounted variable rate between now and the end of January 2023, in addition to those who complete a new discounted variable rate mortgage since yesterday.
New discounted variable rate product details are available from 3 October 2022:
| Type | Repayment Type | Category | Initial Rate (and floor rate) | Product Fee | LTV Band | Product Code | Product Type |
| Residential Owner Occupier | Repayment | Core | 3.04% | £599 | 60% | XD0135 | 3 Year Discount Variable Rate |
| Repayment | Core | 3.14% | £599 | 80% | XD0136 | 3 Year Discount Variable Rate | |
| Repayment | JMSO | 3.14% | £599 | 60% | XD0137 | 3 Year Discount Variable Rate | |
| Repayment | JMSO | 3.24% | £599 | 80% | XD0138 | 3 Year Discount Variable Rate | |
| Repayment | Family Mortgage | 3.19% | £599 | 95% | XD0139 | 3 Year Discount Variable Rate | |
| Buy to Let | Both | Limited Company SPV | 3.54% | £1499 | 60% | XD0140 | 3 Year Discount Variable Rate |
| Both | Limited Company SPV | 3.69% | £1499 | 70% | XD0141 | 3 Year Discount Variable Rate |
Full details of all their discounted variable rate products can be found here.
Deadline extension to your pre and post-offer applications
They may be able to provide an extension to your pre and post-offer applications, depending on the status. This is explained in more detail here.
They have a team of BDMs ready, willing and able to answer any of your queries. If you don’t have a BDM in your area, you can contact their dedicated Mortgage Desk.
