One size fits all? We don't think so!
We know that some lenders think borrowers are identical. We know they're not, which is why we've designed niche products that break the mould, like our award-winning Family Mortgage, Offset Mortgage, Retirement Lifestyle Booster mortgage and our Buy to Let Offset Mortgage.
In the past year alone, we’ve launched two new innovative mortgages:
• Our Retirement Lifestyle Booster mortgage is aimed at your clients who want to make the most of the money tied up in their home and who are seeking an alternative to equity release. It pays a regular amount each month for 10 years and also offers an up-front lump sum option. It's available for clients remortgaging who are aged 60 to 79 at age of application. For more information, click through to our dedicated Retirement Lifestyle Booster mortgage page.
• Our Buy to Let Offset Mortgage is aimed at your private landlords who want to make better use of their savings while keeping their money available for other purposes. For more information, click through to our dedicated Buy to Let Offset Mortgage page.
We regularly review our interest rates across our mortgage range to ensure that we remain competitive in the market. To see all our mortgage product rates, click through to our dedicated rates page.
Got a client who doesn't tick all the boxes? We can help
We pride ourselves on helping those who don't tick all the typical high street lenders' boxes and who may have been turned down elsewhere. They may be too much trouble for other lenders but for us with our manual underwriting approach, these cases are simply ‘business as usual’.
Did you know?
• We have no set maximum loan amount.
• Each individual case is considered on merit.
• No rate increase for the ‘risk’ a particular case presents.
•We don’t credit score.
•We will consider those with bankruptcy orders and County Court Judgements provided they haven’t occurred within the last three years.
Our BDMs recently took some time out of their busy schedules to answer some FAQs from brokers. Check out what they had to say by clicking through to the video page now.
Do you have a client in their 60s, 70s or even 80s? We may be able to help!
Lending to those approaching or in retirement is just one of the many reasons we are the first choice for intermediaries with a client who has been turned down by other lenders simply because of their age.
What makes us different?
• We offer generous terms where other lenders don’t – we accept cases up to the age of 89 (lending up to a 5 year term for an 89 year old).
• We 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.
For more information, please visit our dedicated later life lending page with all the information you could need or our Mortgage Desk who are on hand to help you - 01372 744155.
Have you seen our new FAQ videos from the BDMs? Take a look at what they had to say by visiting the new FAQ video page.
Check out our new and improved affordability calculators
We’re always looking for ways to help your clients and our innovative Retirement Lifestyle Booster mortgage is just one of our latest offerings. To help you decide what your clients could get each month with this type of mortgage, we’ve created a nifty calculator to help you.
Don’t forget to look at our dedicated Retirement Lifestyle Booster mortgage page for all the product-related information you need.
Separately, we've further improved our online Affordability Calculator to take into consideration whether your clients are already of State Pension Age, in which case they no longer pay National Insurance. This enhancement will make a real difference in determining their affordability.
Is your client's solicitor registered with LMS?
To help us process your client’s mortgage as quickly as possible, your client’s solicitor must be registered with the Society's solicitor panel, LMS.
Solicitors should apply online: www.lms.com/lenderpanels.
Registration requires key details of the solicitor’s firm, answers to a series of questions and a copy of their Practising and PII certificates (which can be uploaded online) and should only take two working days to complete.
Our minimum requirements for panel membership are:
1. Minimum of two Partners/Directors
2. PII minimum cover of £2m, with cover provided by a “rated” insurer
We don’t charge a panel membership fee but we do require all firms to allow us to track the key stages of the transaction on LMS’ online system. Full details will be provided after successful registration.
You don’t need to wait until an application has been submitted. There's no harm in your client's solicitor applying ahead of time!
Family Building Society added to Positive Lending specialist lending panel
The Family Building Society has been added to the packager panel of Positive Lending, the multi award-winning specialist packager. At the Family Building Society we specialise in a number of areas and are especially focused on first time buyer assistance, lending into retirement and self-employed applicants.
Stephanie Charman, Director of Mortgages at Positive Lending commented: “I am delighted to continue the expansion of our mortgage proposition by adding the Family Building Society to our panel. Their wide ranging criteria and innovative products will provide solutions for borrowers at either end of the property ladder, whether this is first time buyers with small deposits or older borrower looking to extend their borrowing into retirement. Combine this with their individual underwriting approach and it makes them an ideal lending partner for us as a packager.”
Cammy Amaira, Head of Intermediary Sales at Family Building Society commented: “It is very clear to us that there is an ever growing need to support those borrowers who are just not lent to by the major players in the mortgage market. Partnering with a fellow specialist such as Positive Lending ensures that even more borrowers will have access to our expanding range of mortgage products.”
No one likes to pay more than they should. Why should your clients be any different?
A recent report in Financial Reporter has shown that First Time Buyers with a 5% deposit are being penalised by potentially paying significantly more for their mortgages.
No one likes to pay more than they should. Least of all First Time Buyers who've perhaps had to scrimp and save for their deposit. This is where our 95% LTV Family Mortgage comes in. We've a 3 Year Fixed Rate at 2.69% and a 5 Year Fixed Rate at 2.89%.
Take a look at our Family Mortgage page to see how it could work for your First Time Buyers.
Family Building Society now pays retention fees
Recognising the pivotal work that brokers do with their existing clients, we're pleased to announce that we now pay retention fees for advised product switches and advised further advances with immediate effect. Please note that retained mortgages that were previously completed under our National Counties brand are included.
For product switches (Gross fee paid) = 0.20%
For further advances (Gross fee paid) = 0.25%
Launch of our Buy to Let Offset Mortgage.
We're continually looking at ways to help you write more business and are delighted to launch our Buy to Let Offset Mortgage for individuals.
We've designed it for your clients who want to make better use of their savings and improve their cash flow while keeping their money available for other purposes.
Your clients can also benefit from one of two options on how they benefit from the money in the offset account - term or payment reduction.
Important changes to our existing products
With immediate effect, we've made product changes across our Owner Occupier and Buy to Let mortgage range.
Owner Occupier Mortgages
WITHDRAWAL - Family Building Society
1.99% fixed rate to 30 April 2019 (XF0063)
2.29% fixed rate to 30 April 2020 (XF0064)
2.79% fixed rate to 30 April 2020 (XF0065)
2.39% fixed rate to 30 April 2022 (XF0066)
2.59% fixed rate to 30 April 2022 (XF0067)
2.69% Family Mortgage fixed rate to 31 March 2020 (XF0068)
2.89% Family Mortgage fixed rate to 31 March 2022 (XF0069)
WITHDRAWAL - National Counties Building Society (existing borrowers only)
1.99% fixed rate to 30 April 2019 (RP) Monthly (F339)
2.29% fixed rate to 30 April 2020 (RP) Monthly (F340)
2.79% fixed rate to 30 April 2020 (IO) Monthly (F341)
2.29% fixed rate to 30 April 2020 (RP) Annual (F342)
2.79% fixed rate to 30 April 2020 (IO) Annual (F343)
2.59% fixed rate to 30 April 2022 (RP) Monthly (F344)
2.49% fixed rate to 31 March 2020 (RP) (IO) Monthly (F345 FFGM)
LAUNCH - Family Building Society
1.99% fixed rate to 31 August 2019 (RP) (XF0074)
2.29% fixed rate to 31 July 2020 (RP) (XF0075)
2.79% fixed rate to 31 July 2020 (IO)* (XF0076)
2.39% fixed rate to 31 July 2022 (RP) (XF0077)
2.59% fixed rate to 31 July 2022 (RP) (XF0078)
2.69% Family Mortgage fixed to 30 June 2020 (RP) (XF0079)
2.89% Family Mortgage fixed to 30 June 2022 (RP) (XF0080)
BRT + 2.29% for 3 years, currently 2.54% (RP) (XT0001)
BRT + 2.79% for 3 years, currently 3.04% (IO) (XT0002)
LAUNCH - National Counties Building Society (existing borrowers only)
1.99% fixed rate to 31 August 2019 (RP) Monthly (F349)
2.29% fixed rate to 31 July 2020 (RP) Monthly (F350)
2.79% fixed rate to 31 July 2020 (IO) Monthly (F351)
2.29% fixed rate to 31 July 2020 (RP) Annual (F352)
2.79% fixed rate to 31 July 2020 (IO) Annual (F353)
2.59% fixed rate to 31 July 2022 (RP) Monthly (F355)
2.49% fixed rate to 30 June 2020 (RP) (IO) Monthly (F354 FFGM)
BRT + 2.29% for 3 years, currently 2.54% (RP) (B36)
BRT + 2.79% for 3 years, currently 3.04% (IO) (B37)
Buy to Let Mortgages
WITHDRAWAL - Family Building Society
2.99% fixed rate to 31 March 2020* (XF0070)
3.29% fixed rate to 31 March 2022 (XF0071)
3.49% fixed rate to 31 March 2022 (XF0072)
WITHDRAWAL - National Counties Building Society (existing borrowers only)
2.99% fixed rate to 31 March 2020 Monthly (F346)
2.99% fixed rate to 31 March 2020 Annual (F347)
3.49% fixed rate to 31 March 2022 Monthly (F348)
LAUNCH - Family Building Society
2.99% fixed rate to 30 June 2020^ (XF0081)
3.39% fixed rate to 30 June 2022 (XF0082)
3.59% fixed rate to 30 June 2022 (XF0083)
2.30% discount for 2 years, currently 2.99% Offset Mortgage (XO0006)
LAUNCH - National Counties Building Society (existing borrowers only)
2.99% fixed rate to 30 June 2020 Monthly (F356)
2.99% fixed rate to 30 June 2020 Annual (F357)
3.59% fixed rate to 30 June 2022 Monthly (F358)
Please note that we've also increased our product, Buy to Let loan fees, and Expat fees.
We will accept applications for withdrawn products up to and including 28 March. Any applications received before 28 March will have the current £945 product fee applied.
Product fee increase
• Our standard product fee has increased from £945 to £999.
• High rate low fee / low rate high fee products increased from £195 to £249 and from £1,495 to £1,499.
• Our Family Mortgage product fee increased from £545 to £599.
Buy to Let large loan fee increase
This has increased from 0.30% to 0.40% for advances over £500,000.
Expat fee increase
This has increased from 1% to 1.25%.
Our Retirement Lifestyle Booster mortgage just got even better. Find out how!
Following our successful launch of the Retirement Lifestyle Booster mortgage at the end of last year, we’ve listened to your feedback and are pleased to announce that we can help you write more business for your clients looking for an alternative to Equity Release.
The enhanced Retirement Lifestyle Booster now offers the option of an up-front lump sum, as well as a regular monthly payment for 10 years, giving the older, retired customer, a real choice when they consider their housing wealth options.
We're on the road and heading to Portsmouth. Join us to hear what we're up to AND earn CPD points
We're delighted to announce that we're back on the road this Spring. Join us as we hold our next CPD accredited Broker Roadshow at the National Museum of the Royal Navy (home to HMS Victory, no less!) in Portsmouth on 5 April.
Come along to hear about our strategy and our product evolution; put questions to our key business leaders; and network afterwards over a buffet lunch.
We're looking forward to seeing you there. If you have any questions, please don't hesitate to get in touch.
We're championing later life lending
There's nothing "normal" about us. For one thing, we lend to older borrowers and for some reason that's still not considered "the norm" by some lenders.
What we're doing to help you write more business
Over the coming weeks you'll see our brand new later life lending advertising that's part of a larger campaign designed to raise awareness of our unique approach to lending. Take later life borrowers, for example. We're committed to this underserved area of the market with our individual approach that’s designed to help you write more business and provide your clients with innovative borrowing solutions - particularly when other lenders may not have the time or expertise to help.
You will find all the information you need, lending criteria, rates and affordability calculator, for example by clicking here.
A reminder of our USPs
We've been committed to supporting this underserved market for years and that remains unchanged. Take a look at our USPs below.
• Our terms are generous and we'll lend when other lenders still say "no" - we could potentially lend for five years to an 89 year old and also have a maximum 16 year term for a 70 year old, for example.
• We'll also take into account income from employment up to the age of 70 and pension income beyond that. Additionally, we accept rental and investment income evidenced on an SA302.
We're all set to help with older clients that you may have difficulty placing, so why not get in touch with us to discuss their requirements now?
Family Building Society to pay retention fees
The Family Building Society plans to pay mortgage brokers retention fees this year. The Society has decided to pay fees both for advised product switches and for advised further advances in 2017. Retained mortgages that were previously completed under the National Counties brand will also be included.
Cammy Amaira, Head of Intermediary Sales at The Family Building Society, said: “We continue to build strong relationships with our introducing brokers and panels. Customer outcomes are very important to us as a lender and brokers play a pivotal role in advising many of our clients, typically the non-standard borrowers who are poorly served by the big High Street lenders. We feel that brokers should be rewarded for their diligence and paying retention fees is the right thing to do. We are reviewing matters to determine the appropriate level of retention fees and implement the required system changes. We will announce full details at the end of March.”
Family Building Society’s Later Life Lending products now available via Equity Release Club & AIR Sourcing
The Family Building Society has teamed up with the Equity Release Club to offer our full range of later life mortgage products. The products have been added to the club’s sourcing system, AIR, which lists equity release and retirement lending products. The Family Building Society offers mortgages for older borrowers as an alternative to equity release, for example, lending up to a five-year term for an 89-year old and up to a 16-year term for a 70-year old. Cammy Amaira, Head of Intermediary Sales at the Family Building Society, said: “We are delighted to be offering our range of mortgages through AIR Sourcing. Later life borrowers need access to lenders that don’t judge their application purely on their age alone. The Family Building Society has been at the forefront of lending to this underserved market for many years. AIR Sourcing is an ideal platform for our products and gives brokers yet another important lending option for their clients looking for an alternative to Equity Release.”
We take into account a client’s earned income up to age 70 and pension income beyond this, using a personal approach to lending and underwriting. The Society recently launched our interest only Retirement Lifestyle Booster product (available via the Equity Release Club and on AIR Sourcing) that pays a fixed sum every month for 10 years. The client pays a set amount each month to cover the ‘average’ interest due and, at the end of the 10 years if the client has made all the payments, the amount owed is the same as the initial amount borrowed. Clients are then able to repay the loan by selling their home and downsizing so as to be mortgage free.
Stuart Wilson, Group Managing Director at Answers in Retirement Ltd, commented: “We are very pleased to begin what promises to be an exciting year with the addition of Family Building Society to AIR Sourcing and the Equity Release Club. As the market-leading club for advisers dealing with older clients, we continue to ensure members get access to all mortgage products for older borrowers. The Family Building Society has developed an exciting and truly innovative range of options for consumers in this sector.”
Connect adds the Family Building Society to panel
Connect for Intermediaries has added the Family Building Society to its packaging lender panel. Kevin Thomson, Sales Director at Connect for Intermediaries, said: “We are delighted to welcome the Family Building Society to our panel. Their product options help address a number of challenges that our helpdesk regularly face from brokers, particularly in relation to first time buyers and clients looking to borrow into retirement. It also gives our specialist expat team another Buy to Let solution meaning we can now help brokers place even more enquiries by accessing the best mortgage solution from a panel of 35 expat lenders. The smaller societies have shown innovative solutions to the issues facing clients in today’s housing climate and the Family Building Society clearly demonstrates that with their product range and I am confident that their products will be warmly received by our broker community.”
Cammy Amaira, Head of Intermediary Sales at the Family Building Society, said: “Joining the Connect for Intermediaries panel is a great opportunity for the Family Building Society. Like us, they really know and understand the needs of the challenges faced by first time buyers and older borrowers – an underserved market that we have been helping for many years through our innovative product suite and philosophy of individual underwriting.”
Vote now in the Moneyfacts Awards for the chance to win a prize
We’d like to invite you to complete the latest Moneyfacts Awards survey. Please vote for us based on your relationship with us over the past 12 months taking into consideration our service and our intermediary site.
Voting is quick and straightforward and as a thank you for your time, the Moneyfacts team are giving you the opportunity to enter their prize draw. All completed entries will be entered into the draw to win an Amazon Echo hands-free speaker.
Be sure to enter before it’s too late. The survey closes on 17 February.
Family Building Society reports our best ever lending figures in 2016
Key highlights of 2016 include:
• £394 million applications processed, up 2% year-on-year
• £267m lent in gross advances, up 26%
• £124m lent in net advances, up 66%
• Savings balances increased by 16.2%
• £116,000 paid out in tax free prizes from the Windfall Bond including one jackpot of £50,000.
The excellent figures for the period 1st December 2015 to 30th November 2016 also show that our Group grew its market share by 10%, whilst mortgage balances were up by 12.7 %. Commenting on the Group’s performance, Chief Executive Mark Bogard said: “This year we have continued to deliver a personal service and an innovative and award winning range of products that our introducing brokers and their customers have thanked us for. This is reflected in my post bag; letters of thanks and complimentary emails about our attention to detail outnumber letters of complaint by two to one. We have long lent to older borrowers, many of whom have been turned down by High Street lenders. Whilst others talk about helping the older borrower, they can’t or won’t deliver the solutions this underserved market needs in the way that we have done for many years.”
2016 also saw our launch of the Retirement Lifestyle Booster – an innovative new mortgage product that provides a regular monthly sum - as well as providing owner occupier mortgages for UK residents and ex-pats paid partly or wholly in a foreign currency. In addition, in a time of historical low interest rates, the Society championed the cause of savers tired of chasing rates by offering the innovative Market Tracker ISA which has consistently topped the Best Buy tables (source Money Mail).
National Counties rebrands new mortgage business as Family Building Society
With immediate effect all mortgage products for new customers will be available under the Family Building Society brand.
In addition, for owner occupiers there is no valuation fee for properties valued under £500,000 and for those valued above £500,000, a discount of £360 from the standard valuation fee scale applies. A free in-house legal service is included for remortgages, or £250 cashback offered to customers making their own legal arrangements. Family Building Society is also introducing a secure document upload facility to help speed up the application process, as well as a new online payment facility that will allow brokers to process application fees with greater ease, for example.
As a direct result of this brand transition, the number of mortgages available under the Family Building Society brand has tripled and now includes Buy to Let products for the first time.
Intermediaries can continue to access our full range of mortgage products via our dedicated intermediary website. Commenting on the news, Keith Barber, Director of Business Development, said: “The Family Building Society brand was very well received when we launched it just over two years ago. It focuses on innovative and practical solutions for the mortgage needs of all generations, across both first time buyers, mid-life borrowers and in later life. Bringing all that we do under one brand umbrella will make it easier and simpler for our intermediary partners to use our solutions to help their clients with the issues they face.”
We Lend To Expats In Australia
We've established ourselves in the market as helping those of your clients with niche requirements that are underserved by the bigger banks. One such area is expats living in Australia. While other lenders are saying no, we're continuing to say yes.
Loans are available on a Buy to Let basis, subject to certain conditions. Your client must be able to provide satisfactory evidence of identity, proof of income and hold a UK bank account. Applications may be subject to an increased product fee and the minimum loan amount is £100,000.
As part of our move to one brand from 1 December, our range of Buy to Let mortgages will be available through the Family Building Society rather than through National Counties as they are currently.
We also wanted to let you know that as of 1 December, we'll no longer be offering Low Start Mortgages from the Family Building Society