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Recent News

 

24.05.2017
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!

 

22.05.2017
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.”

 

12.05.2017
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.

 

27.03.2017
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%

 

23.03.2017
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.

 

20.03.2017
Important changes to our existing products

Product changes

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%.

 

20.02.2017
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.

 

14.02.2017
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.

 

07.02.2017
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?

 

07.02.2017
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.”

 

18.01.2017
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.”

 

17.01.2017
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.”

 

09.01.2017
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.

Enter now!

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.

 

15.12.2016
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).

 

01.12.2016
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.”

 

10.11.2016
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

 

08.11.2016
We've made changes to our Buy to Let Stress Rate

We wanted to let you know that with effect from 1 December, our range of Family Building Society Buy to Let (BTL) products will be underwritten differently to how they are currently under National Counties. This change is following the publication of the PRA's Supervisory Statement regarding underwriting of BTL loans rather than as a consequence of our rebrand. We therefore wanted to let you know that from 1 December, we’ll calculate borrowing on BTL cases as follows: Remortgage applications where no new borrowing is being taken For loans up to 65% of the property value or purchase price (whichever is lower), the loan amount is assessed on the basis that the monthly rent must exceed 130% of the interest payable per month* For loan amounts between 65% and 70% of the property value or purchase price (whichever is the lower), the loan amount is assessed on the basis that the monthly rent must be greater than or equal to 135% of the interest payable per month* * Calculated on our Residential Investment Managed Mortgage Rate (MMR) Purchase applications or remortgages where extra funds are being taken The loan amount is assessed on the basis that the monthly rent must be equal to or exceed 145% of the interest payable per month calculated at the higher of: The origination rate plus 2%; or The Society's monthly BTL MMR (currently 5.29%); or 5.5% This is in line with the rest of the market and doesn't affect the range of products we have on offer, which includes our expat lending. Please note that we are now adopting this new approach for our pipeline business.

 

08.11.2016
We've made changes to our Buy to Let Stress Rate

We wanted to let you know that with effect from 1 December, our range of Family Building Society Buy to Let (BTL) products will be underwritten differently to how they are currently under National Counties. This change is following the publication of the PRA's Supervisory Statement regarding underwriting of BTL loans rather than as a consequence of our rebrand. We therefore wanted to let you know that from 1 December, we’ll calculate borrowing on BTL cases as follows: Remortgage applications where no new borrowing is being taken For loans up to 65% of the property value or purchase price (whichever is lower), the loan amount is assessed on the basis that the monthly rent must exceed 130% of the interest payable per month* For loan amounts between 65% and 70% of the property value or purchase price (whichever is the lower), the loan amount is assessed on the basis that the monthly rent must be greater than or equal to 135% of the interest payable per month* * Calculated on our Residential Investment Managed Mortgage Rate (MMR) Purchase applications or remortgages where extra funds are being taken The loan amount is assessed on the basis that the monthly rent must be equal to or exceed 145% of the interest payable per month calculated at the higher of: The origination rate plus 2%; or The Society's monthly BTL MMR (currently 5.29%); or 5.5% This is in line with the rest of the market and doesn't affect the range of products we have on offer, which includes our expat lending. Please note that we are now adopting this new approach for our pipeline business.

 

08.11.2016
What's in store for 2017?

It's getting to that time of pre-Christmas shopping hysteria, mince pie overindulgence and deciding what relatives and friends to see over the festive period. To give you a break from such trying issues, we've designed a short survey specifically to gauge your thoughts on the mortgage market in 2017. We’ll even give you the chance to be the Chancellor of the Exchequer for one day! Be sure to complete the final ‘fun’ question at the end of the survey to be in with a chance of securing £250 for a charity of your choice. The closing date is 25 November 2016. We'll be in touch soon after with the results and to let you know if you're the lucky winner. Take the survey!

 

04.11.2016
From 1 December, we're changing our brand for new business to the Family Building Society

We're pleased to announce that from 1 December the lead trading name for all new business for new customers will be the Family Building Society. There is no change to existing product features, telephone contact details or lending criteria. All mortgage products will continue to be accessible via the dedicated intermediary website with automatic redirects from your saved bookmarks. There's no need for you to do anything different. From your perspective, it's very much business as usual. Same great products, same great team, same common sense underwriting - just the one name: Family Building Society.

 

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