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.
Mortgage Product Changes and Semi Exclusives
We have made changes to our product range and I have listed the highlights below:
• We offer generous mortgage terms for older borrowers: Owner Occupier Repayment
mortgages – up to a maximum age of 95 at the end of the term.
• We’ll take into account earned income up to the age of 70 or 75 for a professional and
pension income beyond that. We can utilise pension and investment pots that haven’t been drawn
• Limited Co directors’ over the age of 70 (that are no longer ‘hands on’ in the business) their
percentage of Net Profit after tax plus Salary can be considered.
• We can also accept rental and investment income that can be evidenced on an SA302.
• We can lend to 70% LTV with downsize (otherwise we can offer 80% LTV) and sale as the
only repayment vehicle with NO minimum income requirement, NO minimum equity (evidence of
suitable downsize within 5 mile radius required). Sale of other property allowed.
• Owner Occupier interest-only and Buy to Let mortgages – up to a maximum age of 89 when
the loan commences.
Joint Mortgage Sole Proprietor
• Mums/Dads/Sons/Daughters are able to assist each other in either a new purchase, or re-
mortgage where affordability isn’t quite sufficient for their own needs.
• Allowing a maximum of 4 people, 2 occupiers and 2 helpers, therefore allowing up to 4
people to be on the mortgage and only 2 on the title but all 4 incomes considered to support the
• The oldest client can be up to age 95 at the end of the term. Taking the mortgage to age 95
means we will use varying streams of retirement income, including SIPP funds, investments and BTL
rental income into account.
• Available on interest only and repayment.
• Maximum LTV 80%.
The 95% Family Mortgage
• Designed for Younger family applicants with good income and Family members with either
deposit monies or equity in their property.
• Up to 12 family members can assist
• 5% deposit from Applicants which can be a gift from close family.
• Remaining 20% “deposit” can be by; (Up to 10 year charge)
1. Cash in Family savings account to charge against it
2. Cash in a Family Offset account with the benefit going to the younger applicants mortgage.
3. 20% Security charge placed on the family member property
BTL Criteria Across ALL Lending Areas
The below criteria covers all of the products we have available and I have listed some Product
specific criteria further down;
• Max age 89 at application
• No minimum income criteria
• No maximum portfolio size with other lenders
• No background stress on their portfolio – just needs to be profitable.
• MUFB’s – 3 flats on 1 freehold title accepted
• Max LTV 70%
• 4 applicants on a mortgage allowed
• BTL Offset product
• Flat rate of ICR whatever the personal applicants tax rate.
LTD Company BTL
• SPV’s only(don’t have to be new SPV)
• 60% LTV available with no personal guarantee’s
• Maximum of 8 directors/shareholders
• Over 50 countries of residence accepted.
• For the majority of countries, no restrictions on employed/Self Employed/Retired.
Some higher risk countries may mean the clients need to have an employer with a UK office. Please
contact me for further information
• Clients only need a live UK mortgage, do not need multiple lines of open credit
• UK Correspondence address required – usually close family members.
• No LTV limit for cap raise Same as normal LTV limits
• LTD Director with 33%+ shareholding we can use Net Profit after Tax + Salary and “take a
view” on latest years figures depending on % increase.
• 2 Years History, If changed from Soletrader to Ltd we can use one Years in Ltd form.
• Product covers both Residential and BTL
• Can be also used on the Family Product
• Great for High rate Taxpayers as not taxable as not an investment product
• Excellent in times when the Mortgage rates are high as greater effect and benefit for
• Customer can reduce their mortgage Term or Reduce their monthly payments. Can also be
changed with 30 days notice.
• Same LTV’s as Capital & Repayment
• Great for BTL portfolio landlords as they can “roll up” instant access monies from Portfolio
income for future use.
Please note the above may change at anytime hence always call the desk/myself to before
Important information on our mortgage products
From today, 21 February 2023, we have replaced the majority of our fixed rate mortgage products. We are also announcing increases to our Managed Mortgage Rates which will take effect in March.
All Owner Occupier fixed rates have been reduced:
Core range repayment products – five year fixed rates starting at 5.19%, new two year fixed rates starting at 5.54%
JMSO repayment products – five year fixed rates starting at 5.29%, new two year fixed rates starting at 5.64%
Core range Interest Only five year fixed rate now up to 80% maximum (previously 60% maximum)
We have also reduced all Fixed Rates across our Buy to Let range. Some alterations have been made to our Limited Company SPV and Expat product fees:
UK Landlords – five year fixed rates starting at 6.04%
Limited Company SPVs – five year fixed rates starting at 6.04%, with a 2.00% product fee (subject to a minimum of £1,499)
Expats – five year fixed rates (now up to 70% LTV) starting at 6.49%, with a 1.50% product fee (subject to a minimum of £1,000)
Our Managed Mortgage Rates are increasing:
From 11 March 2023 our Managed Mortgage Rates will be increasing by 0.75%. This means all our on-sale discounted variable rate products will be increasing by 0.75% on the same date.
Our on-sale discounted variable rate product details, and all representative examples displayed on our website, have been updated today to reflect the increasing Managed Mortgage Rates ahead of the change.
All our Affordability and Buy to Let stress calculations will be updated to reflect the new higher rates from 1st March 2023.