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.
Client needs a large loan?
With our flexible criteria, we have no maximum loan size and we’ll work closely to support both you and your client for a successful application.
- No maximum loan size
- We don’t require assets under management like private banks do, we call this dry lending
- We can consider pensions, including pension pots, and/or investment portfolios for affordability
- We can use a variety of incomes to support the loan
- High level of flexibility with manual underwriting.
Have you got a case we can help with? Get in touch with one of our BDMs now
See how we helped the Daltons
Roger and Pat Dalton are retired British expats living in Europe. Their current mortgage, of £2,825,000 for a Central London property valued at £6,000,000, was with a private bank and was coming to the end of term. However, the private bank was not prepared to extend the term due to the Daltons ages of 78 and 76, and had changed their criteria to no longer lend to Expats.
The Daltons had healthy savings and pension income to cover lifestyle, however the mainstream lenders they spoke to deemed their income insufficient to meet affordability, despite the fact they had a very healthy investment portfolio valued in excess of £6,000,000.
Selling the property was an option, but the Daltons were reluctant due to the market conditions, and they also use the property on their frequent visits to see their family in the UK.
Luckily we were able to help
At Family Building Society, we were able to offer a 5 year term on Interest-Only as the clients were intending to pay off the mortgage with the sale of the property. For affordability, we used 80% of the investment portfolio, divided by the mortgage term for affordability. This worked out to be £960,000 p.a.
As the clients have sufficient pension income and savings to cover lifestyle, we were happy that the Daltons were self-funding.
Our team of BDMs now cover the whole of England and Wales, plus some areas of Scotland, and are all ready to answer your queries and guide you through the application process.