The latest update from Family Building Society can be found here. Remember, we are able to package on a fees free basis for Family Building Society and also offer support to brokers who wish to deal directly via our mortgage club. Further details are available across our website. Full details of product range here.
We are pleased to announce the re-launch of our enhanced Family Mortgage, now available at up to 100% LTV, designed to support first time buyers and home movers with the assistance of their family.
Our new Family Mortgage, at a glance:
No application or product fees
- Minimum LTV 80%
- Minimum Loan Size: £96,000
- Maximum Loan Size: £750,000
- Up to 5.33x LTI
- Available for purchase applications only
- Initial deposit from borrowers is optional, but not required
- The value of the additional security, plus any initial deposit, must equal 20% of the property value
- Up to a 40 year mortgage term to support affordability.
Family support can be provided in two simple ways
Family members have the flexibility to provide security for a family member’s mortgage in one of two ways (or a combination of both) provided the total security, plus any initial deposit, adds up to 20% of the value of the property the borrower is buying.
Family members can:
- Place their savings into our Family Security savings account, which earns interest
- Allow the Family Building Society to take a Collateral Charge over their property for the amount needed to make up the 20%.
The security supports the mortgage until the end of its fixed rate and is then released (subject to conditions).
Support can come from parents, grandparents or other family members without the need to provide a gifted deposit.
Our Family Mortgage repayment calculator can help you calculate the security your client will need and what their monthly repayments could be.