Family Building Society increases LTV and cuts rates

Family Building Society has introduced rate cuts across its buy-to-let mortgage range, as well as its owner occupier products. 

Rates have been reduced across its fixed and discounted range, while the BTL loan-to-value has been increased at 65%. 

Keith Barber, director of business development at Family Building Society, commented: “As the property market eases itself out of lockdown, we know that the increases in LTV and rate reductions across our range of fixed and discounted products will be welcomed by intermediaries as they seek more lender choice and competitive rates.”

The share of gross mortgage lending for buy-to-let purposes during the first quarter of the year was 14%, thus supplying around one in seven of all home loans, according to recent Mortgage Lenders and Administrators Statistics from the Bank of England.

The buy-to-let data, which covers property purchases, remortgages and further advances, is unchanged from the same period last year. 

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Encouragingly, buy-to-let lending was stable, even though the sector has come in for a lot of change on the tax and regulatory front. 

“Investors are adapting to the new environment and tailoring their portfolios accordingly.”

We're excited to announce that we're working on building a shiny new website for readers of Landlord Today! As part of this process, commenting on articles will be temporarily disabled. We look forward to sharing our new and improved Landlord Today website with you shortly!