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Recent News

 

13.08.2018
Do you have clients in their 60's, 70's or even 80's?

Here at the Family Building Society we have a focus on people who are not well served by the mass market, such as those approaching or in retirement.

What makes us different?

  • We have a personal approach to lending and manually underwrite all our mortgages.
  • 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
    - Owner Occupier interest only and Buy to Let mortgages – up to a maximum age of 89 when the loan commences
  • We’ll take into account earned income up to the age of 70 and pension income beyond that.
  • We can also accept rental and investment income that can be evidenced on an SA302.

Take a look at our case studies below to see how we’ve helped people by lending into retirement. Why not share our real-life stories with your clients!

Robert and Cheryl: A retired couple, aged 75 and 64 respectively, who wanted to delay downsizing. Their previous lender wouldn't extend their mortgage due to Robert’s age.

Result: We offered the couple a new interest only 12 year term mortgage. Read their case study


Terence:
Aged 75 and his previous mortgage lender was unable to increase the term of his mortgage past the age of 75. He wanted to stay in his own home.

Result: We offered Terence a new interest only mortgage that takes him into his 80s. Read his full story


David and his wife:
Both retired and not ready to downsize, they wanted to boost their monthly income but felt an equity release product didn’t quite meet their needs.

Result: Our Retirement Lifestyle Booster mortgage provides the couple with a regular fixed monthly payment for 10 years.

Read their full story

Do you have anything similar on your books?

We can help with older clients that you may have difficulty placing. So if you have any questions or have a case you would like to discuss, please contact your local Business Development Manager or our Mortgage Desk.

 

02.08.2018
Improvements to our 95% LTV Family Mortgage

We’re pleased to inform you that following your feedback, your clients can now use their own solicitor to act on our behalf for Family Mortgage applications. As with all our mortgages, solicitors are required to be registered on our panel with LMS.

Winner for the third year running

We're proud to have won for the third year in a row, Best Guarantor / Assisted Mortgage Lender for our Family Mortgage at the What Mortgage Awards 2018.

We are particularly delighted to have won as the What Mortgage Awards are voted for by real customers, recognising and rewarding the best businesses in the UK’s mortgage and personal finance markets.


A reminder of the features of our Family Mortgage

  • 2.89% 3 year fixed rate and 2.99% 5 year fixed.
  • 95% LTV subject to 20% additional security from family member(s). The 5% deposit can be gifted.
  • Family members can use one or a combination of three different ways to provide security to borrowers:
    1. Secure a charge over their property.
    2. Deposit savings in our Family Security account which earns interest.
    3. Deposit savings in our Family Offset account which further reduces the mortgage cost for the borrower.    
  • Payment waiver built in. We will meet the mortgage payments for up to six months if a borrower loses their job.    
  • Stamp Duty friendly. The mortgage is in the borrowers name, so the 3% charge for second properties does not apply.




 

30.07.2018
Important changes to our Buy to Let product range

30.07.2018

From 27 July, we have made some changes to our Buy to Let mortgage product range. Details are below.

• Withdrawn and replaced fixed rate products with a decrease in interest rate of 0.10%. End dates have been extended by three months.

• Withdrawn and replaced variable rate products, including our Buy to Let offset mortgages, with a decrease in interest rate of 0.10%

• Added a 3 year fixed rate option.

We will accept applications for withdrawn products up to and including Friday 3 August.


Winner for the third year running

We are delighted to announce that we won Best Guarantor / Assisted Mortgage Lender for our Family Mortgage in the What Mortgage Awards 2018.

If you have any questions or have a case you would like to discuss, please contact your local Business Development Manager or our Mortgage Desk.

 

25.07.2018
Important changes to our Owner Occupier product range

25.07.2018

From 25 July, we have made some changes to our Owner Occupier mortgage product range. Details are below.

• Withdrawn and replaced all fixed rate products. Interest rates are unchanged and end dates have been extended by 3 months.
• No changes have been made to our discount or tracker interest rates.

We will accept applications for withdrawn fixed rate products up to and including Wednesday 1 August.

Winner for the third year running

We're delighted to announce that we once again won Best Guarantor / Assisted Mortgage Lender for our Family Mortgage in the What Mortgage Awards 2018.

If you have any questions or have a case you would like to discuss, please contact our Mortgage Desk or your local Business Development Manager.

 

19.07.2018
Expats - Changes to countries of residence and ID requirements

19.07.2018

We’ve listened to your feedback and made some changes to the countries of residence and reduced the ID requirements for expat business. The main changes are:

• Expat applications are now accepted from New Zealand.
• Expat applications are now accepted from China and Malaysia (via our packager partners only).
• Fewer ID requirements are now needed for a majority of countries we cover - helping to speed up the application process.

We will no longer accept cases with applicants resident in Bahrain, Brazil or Mexico.

A reminder of the countries we cover for expats:

Austria
Belgium
Bulgaria
Canada
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong
Hungary
Iceland
Ireland
Italy
Japan
Kingdom of the Netherlands *
Latvia
Lithuania
Luxembourg
Malta
New Zealand
Norway
Poland
Portugal
Romania
Singapore
Slovak Republic
Slovenia
South Korea
Spain
Switzerland
United Kingdom **
United States

* The Netherlands, The Netherlands Antilles and Aruba
** UK Crown Dependencies

Packager partners

In addition, through our packager partners, we will lend to expats on an exceptional basis in Kuwait, Malaysia, Qatar, Saudi Arabia, United Arab Emirates and India, but will be subject to an additional requirement:

• The monthly mortgage payments to be made from a UK bank account from where any rental payments are received.

We will also consider applications through our packager partners for lending to expats in Oman, China and South Africa, subject to:

• The monthly mortgage payments to be made from a UK bank account from where any rental payments are received.
• Deposits are paid from or evidenced as held within a UK bank account.
• Applicants must be working for recognised large organisations that have a UK presence.

Did you know?

• We're able to lend to UK nationals working abroad with families remaining in the UK.
• We also lend to UK nationals working in the UK but who are paid in a foreign currency.
• Expat mortgages are available on an interest only Buy to Let basis, subject to certain conditions.

If you have any questions or have a case you would like to discuss, please contact our Mortgage Desk or your local Business Development Manager.

 

25.06.2018
We don't believe in a "one size fits all" approach to lending

25.06.2018

We don't believe in a "one size fits all" approach to lending

If your clients don't tick other lenders’ boxes, it doesn't mean we won't consider them.

Our approach to underwriting is different to most high street mortgage providers. We take the time and trouble to look at each case individually and don't rely on a computer to make our lending decisions - we use real people to do that!

So tell us your clients’ story. We’re able to consider unusual and complex cases which can make a big difference to your clients and help you write more business.

And don’t forget:

  • We’ve no set maximum loan amount.
  • We consider each individual case on merit.
  • We don’t credit score.
  • We’re able to consider those with bankruptcy orders and County Court Judgments, provided they haven’t occurred within the last three years.

And what's more, to help speed up underwriting for your self-employed clients, we've created an Accountant's Certificate form to help clearly show their income position.

Should you have any questions, please contact our Mortgage Desk or your local Business Development Manager.

FINALIST AT THE LEGAL & GENERAL MORTGAGE CLUB AWARDS 2018

Thanks to your vote, we were finalist in two categories at the recent Legal & General Mortgage Club Awards 2018:

  • Best Smaller Lender
  • Best Lender for Later Life Lending

We’re delighted to have been nominated. Thank you so much for voting for us and your continued support.

 

31.05.2018
We've improved our application forms

31.05.2018

We’ve improved our application forms

Following your feedback, we’ve improved our owner occupier and Buy to Let application forms. The main improvements are:

Everything you need in one place:

  • For Owner Occupier applications, the interest only and lending into retirement supplementary forms are now included in the owner occupier form.
  • For company Buy to Let (BTL) applications, the Business Plan and Assets & Liabilities forms are now included in the BTL application form.

Speeding up the process:
We have included additional questions that will reduce the need to go back to you when we receive the application. We've also removed some questions that are no longer necessary.

For Buy to Let applications, we no longer have a minimum income and instead require applicants to declare they have enough income to cover a three month rental void.

You can download our new application forms from the forms page.

Do you already have an application in progress with your client? No problem. We’ll accept our old style application forms up to and including 6 July 2018.

We’ve also updated our customer privacy notice. An electronic version is here – and we have included a copy in the application pack. Remember you only need to complete and print the application form itself to submit an application.

We are here to help, so if you have a case you would like to discuss, please contact our Mortgage Desk or your local Business Development Manager.

 

25.05.2018
Updated privacy notice and terms of business

25.05.2018

Updated privacy notice and terms of business

In light of the General Data Protection Regulation (GDPR) which is effective from 25 May, we have updated our broker Privacy Policy and Terms of Business.

You will find our broker Privacy Policy here and our Terms of Business here.

We are here to help, so if you have a case you would like to discuss, please contact our Mortgage Desk or your local Business Development Manager.

 

11.05.2018
Our maximum term of the mortgage is now set by the age of the oldest borrower at the end of the term – with a maximum age of 95.

28

40 

60

24

35

65

20

30

70

16

25

75

12

20

80

9

15

85

6

10

90

0

5

 

You can view a full list of our maximum mortgage terms to download on our lending criteria page.

There is no change to owner occupier interest-only and Buy to Let applications where our maximum mortgage term is set by the age of the oldest borrower when the loan commences, with a maximum age of 89.

This change is effective immediately.

If you have a case you would like to discuss, please contact our Mortgage Desk or your local Business Development Manager.

 

25.04.2018
Interest rate reductions for our Buy to Let mortgage product range

From 25 April, we have made some changes to reduce the interest rates for our Buy to Let product range. Details are below.

• Withdrawn and replaced all fixed interest rate products with a decrease in interest rate of between 0.25% and 0.45%
• Withdrawn and replaced all variable rate products, including our Buy to Let offset mortgages, with a decrease in interest rate of between 0.20% and 0.25%
• End dates extended on all our fixed rate products

We’ll accept applications for withdrawn products up to and including Wednesday 2 May.

If you have a case you would like to discuss, please contact our Mortgage Desk or your local Business Development Manager.

 

19.04.2018
Interest rate reductions and new cashback offer for our owner occupier mortgage product range

From 19 April we have made some changes to reduce the interest rates for our owner occupier mortgage product range. Details are below.

• Withdrawn and replaced all fixed interest rate products with a decrease in interest rate of between 0.15% and 0.20%
• Withdrawn and replaced all variable rate products with a decrease in interest rate of between 0.20% and 0.25%
• End dates extended on all our fixed rate products

We’re also offering £250 cashback for customers on these new owner occupier purchase and remortgage products.

We’ll accept applications for withdrawn products up to and including Thursday 26 April.

We will also be increasing our proc fees to 0.40% for purchase and remortgage owner occupier cases that complete from 1 May 2018, with the minimum fee now £180.

Our award-winning Family Mortgage proc fee remains unchanged at 0.55% as does the Offset Mortgage and all Buy to Let products which continue to pay 0.50%.

 

11.04.2018
We’ve increased our procuration fees for owner occupier purchase and remortgage business from 0.35% to 0.40%, with the minimum fee now £180.

The fee change will apply for all new business completed from Tuesday 1 May.

The award winning Family Mortgage proc fee remains unchanged at 0.55% as does the Offset Mortgage and all Buy to Let products which continue to pay 0.50%

Keith Barber, Director of Business Development said “Brokers have been instrumental in our continuing growth and it is important that they continue to share in our success.

“We are committed to building strong relationships with our introducing brokers, having substantially increased our team of Business Development Managers in the last three years. Brokers play a pivotal role in advising the majority of our clients who are typically the non-standard borrower such as the self-employed, older, retired borrower and others in complex circumstances often poorly served by the big high street lenders.

The increase in our proc fee recognises the additional work that is often required by the broker in successfully submitting these cases”

 

21.12.2017
Wishing you a happy Christmas and new year from all of us at the Family Building Society

We're sure you're inundated with the standard Christmas greetings but we wanted to drop you a quick email to also let you know we're here to support you through the festive period. Our opening hours are:

25 December: Closed 26 December: Closed 27 December: 9am to 5pm 28 December: 9am to 5pm 29 December: 9am to 5pm 30 December: 9am to noon 1 January: Closed

Normal hours will resume from 2 January: Mondays to Fridays 8am to 5.30pm and Saturdays 9am to noon.

Please just call our Mortgage Desk on 01372 744155 or email mortgage.desk@familybsoc.co.uk. Alternatively, don't forget to take a look at our intermediary website.

And finally, we'd like to wish you a very happy Christmas and new year. We look forward to working with you in 2018.

 

04.12.2017
Is there more to do on Stamp Duty reform?

The Chancellor's abolition of Stamp Duty for first time buyers is very welcome but is there more to do to help the entire UK housing market?

We think so. The UK's housing market is a shambles. So said our CEO, Mark Bogard, at our recent launch event of a report we commissioned the London School of Economics to research on the effect of Stamp Duty Land Tax on all property transactions.

The report made it clear that Stamp Duty is a massive disincentive for older borrowers to move to more suitable property and add to the supply of housing stock for "next steppers". Why pay a huge cheque to HMRC when you don't need to?

The Chancellor needs to address this problem if he wants to make a real difference.

 

01.12.2017
Changes to our product range

Following the Bank of England’s recent rate increase, we’ve made some changes across our Owner Occupier and Buy to Let (BTL) mortgage range with effect from 1 December: Owner Occupier

Launched new 2.84% 5 year discounted rate Offset Mortgage
Withdrawn and replaced variable rates (including Base Rate Trackers) with an increase of up to 0.25%
Withdrawn and replaced all fixed interest rate products with an increase in interest of up to 0.30%
End dates extended on all our fixed rate products

BTL

Launched new 3.64% 5 year discounted rate Offset Mortgage
Withdrawn and replaced all variable and fixed rates with an increase of 0.25%
End dates extended on all our fixed rate products

We’ve also increased our Standard Variable Rates across our Owner Occupier and BTL range by 0.25%.

We’ll accept applications for withdrawn products up to and including 15 December.

For more information on all our rates, click through to our rates page. This will be updated on 1 December (along with our mortgage calculators) with our new rates.

 

15.11.2017
How interest rate changes affect current pipeline applications

Following the Bank of England's announcement to increase the Bank Rate from 0.25% to 0.50%, we wanted to let you know:

- Your clients who have received an offer from us for a Discounted Variable Rate mortgage or a Base Rate Tracker mortgage will shortly receive a letter letting them know their new rate and monthly payment from 1 December and 25 December respectively.

- Your clients for whom you've already submitted an application for a Discounted Variable Rate mortgage or a Base Rate Tracker mortgage that has not yet progressed to offer, will have their new mortgage rate and monthly payment shown in the offer in due course.

Your clients are able to switch to another of our products should they want to. There is no additional fee for doing so but there may be a slight delay while we reissue our paperwork. Please talk to our Mortgage Desk should your clients wish to switch product - contact details below.

We're reviewing our mortgage product range over the coming weeks and will keep you informed of any changes.

As always, if you have any questions, please contact either me or our Mortgage Desk who are on hand to help you.

 

28.09.2017
Real life mortgage case studies - putting clients' savings to better use

Offset Mortgages are a popular choice for those who have to put aside money for specific purposes but don’t need to use it straightaway. We’ve helped several people recently with these mortgages:

Derek and Rita: Retired couple who owned their own home but their daughter faced the uncertainty of renting privately.
Result: Ensured their daughter had a home as well as themselves by remortgaging their home using an Offset Mortgage and using the funds to purchase another property to rent to their daughter.

Tom and Pamela: Wanted to make home improvements as well as boost their home's value.
Result: Used our Offset Mortgage instead of their savings to make improvements such as a new kitchen, new downstairs flooring and a new ensuite to their spare room.

Rod and Susan: Retired couple in their 70s who needed to move closer to the town centre but their current lender was unable to give them a mortgage because of their age.
Result: We used our common sense underwriting approach to provide an Offset Mortgage which not only provided a mortgage where others wouldn’t lend, but also enabled them to put their existing savings to better use!

Similar clients? Then get in touch as we may be able to help.

 

26.09.2017
Helping your clients when sometimes life hasn't gone as smoothly as planned

We're always looking for ways to support your clients and we remain committed to our individual underwriting approach. At the Family Building Society, we understand that sometimes life doesn't go according to plan - it's part of the reason we know there's no such thing as a "normal" family.

That's why we're here to help if a client of yours has been in difficulty previously BUT we can see that they're now back on track.

As we review applications on an individual basis, we're able to consider those who:
Have previously been in arrears on any mortgage or a credit card arrangement (where the amount overdue reached three or more monthly payments) providing this was not in the past two years
Have had a CCJ within the last three years as long as it is for less than £500 and is cleared at time of application. If the CCJ is for over £500, it will need to have been satisfied more than three years ago
Have been issued with an IVA or bankruptcy order that's been discharged but not within the past three years.

Got a client who might fall into this category? Give us a call.

Debit card payments

On a separate note, we're pleased to let you know that we're now able to accept debit card payments over the phone should you and your clients need this facility.

 

30.08.2017
Real life case studies - giving your clients a lifestyle boost in retirement

We’ve been busy giving people a lifestyle boost in retirement:

David and his wife: Had enough money to live comfortably but wanted more freedom in retirement.

Result: Chose our Retirement Lifestyle Booster mortgage as an alternative to equity release, freeing money tied up in their home by receiving £1,250 a month to allow them to enjoy a few of life’s luxuries.

John and Linda: Needed to prop up savings in retirement so chose our Retirement Lifestyle Booster mortgage.

Result: They now have a mortgage that protects their retirement savings until they are ready to downsize. Now they are able to fund their holidays and to treat their family on special occasions with the £1,260 a month they receive.

Clients on your books with similar requirements? Then get in touch as we may be able to help.

 

24.08.2017
Real life case studies - realising First Time Buyers' dreams of stepping onto the property ladder

We love helping First Time Buyers. Take a look at some we’ve recently helped:

Lee and Nicole: Young married couple who wanted to buy their first home but were struggling to find a large enough deposit.
Result: Our award-winning 95% LTV Family Mortgage, help from family property equity and a 5% deposit, got them onto the property ladder.

Charlotte: Young professional who wanted to buy her first home using a 5% deposit she had been gifted.
Result: Chose the fixed rate Family Mortgage. Her family opened an Offset Saver account linked to the mortgage to also reduce the amount of mortgage on which interest was charged – meaning Charlotte’s monthly repayments were less than when she was paying rent.

Looking to expand your client book with First Time Buyers? Get in touch to discuss them along with our 3 year (at 2.69%) and 5 year (at 2.89%) fixed rates.

 

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