Family Building Society has today (30th January) launched a new range of owner-occupier interest-only and buy-to-let (BTL) products.
2-year fixed rate Owner Occupier Interest Only products have reduced by 0.05%, and 2-year fixed-rate BTL products by 0.10%.
5-year fixed rate Owner Occupier Interest Only rates have increased by 0.10%, although 5-year fixed rate BTL products have been held.
Family Building Society further improved its BTL lending criteria.
The maximum loan-to-value (LTV) available across all UK Landlord (including Offset), Limited Company, and Expat Buy to Let product ranges has been increased to 75%.
Applications for multi-unit freehold blocks (MUFBs) will remain at 70% LTV.
Family Building Society enhanced its limited company BTL lending criteria, with one additional Standard Industry Classification (SIC) code now included.
As a result, the society is now able to consider applications from special purpose vehicles (SPVs) registered under either of the following SIC codes: 68100 – Buying and selling of own real estate; 68209 – Other letting and operating of own or leased real estate; 68320 – Management of real estate on a fee or contract basis.
Darren Deacon, head of intermediary sales at Family Building Society, said: “Enhancing our already flexible BTL criteria by increasing our maximum LTV, as well as adding to our acceptable list of SIC codes, will be welcomed by UK and expat landlords.
“And as the market undergoes further upheaval with uncertainty surrounding swap rates, landlords looking for short term security of rate will, I’m sure, be pleased to see the price
reductions we were able to make on our 2-year fixed rate products.”
