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01 December 2016

With effect from Thursday 1st December 2016 the changes below will be made to our mortgage product range.

1. From the 1 December all mortgage products available for new business will only be available under the Family Building Society brand. This will be for both Owner Occupier (OO) & Buy to Let applications.
2. There are no differences to our lending policy or affordability models under the Family Building Society brand
   
   
3. Changes have been made to the new product range as follows:

(a) Owner Occupier applicants for both purchase and remortgage are now able to take advantage of a free valuation for properties worth up to £500,000

(b) Amend our variable rate ERC structure to be reducing rather than level

Withdrawal from all new business:

Owner Occupier

• 1.99% fixed rate to 31 January 2019 (F327)
• 2.29% and 2.79% fixed rates to 31 January 2020 (F328 and XF0053)
• 2.39% fixed rate to 31 January 2022 with a £1,495 fee (F333 and XF0054)
• 2.59% fixed rate to 31 January 2022 with a £195 fee (F334 and XF0055)
• Family Mortgage 2.69% fixed rate to 28 February 2020 (XF0051)
• Family Mortgage 2.89% fixed rate to 28 February 2022 (XF0052)
• 2 year Offset Mortgage 2.45% discount (XO0004)
• 2.20% and 1.70% discounts for 3 years (E84 and E85)
• 1.90% and 1.40% discounts for 5 years (E88 and E89)
• Low Start Mortgage 5 year stepped fixed rate (XF0048)

Buy to Let

• 3.49% fixed rate to 28 February 2022 with a £195 fee up to 70% LTV (F337)
• 3.29% fixed rate to 28 February 2022 with a £1,495 fee up to 70% LTV (F338)
• 2.35% discount for 3 years (E94)
• 2.15% discount for 5 years (E96)

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Launched for applications submitted directly or via an intermediary:

Owner Occupier

• 1.99% 2 year fixed rate to 30 April 2019 (XF0063)
• 2.29% 3 year fixed rate to 30 April 2020 (XF0064)
• 2.39% 5 year fixed rate to 30 April 2022 with a £1,495 product fee (XF0066)
• 2.59% 5 year fixed rate to 30 April 2022 with a £195 product fee (XF0067)
• Family Mortgage 2.69% 3 year fixed rate to 31 March 2020 (XF0068)
• Family Mortgage 2.89% 5 year fixed rate to 31 March 2020 (XF0069)
• 2 year Offset Mortgage 2.45% discount (XO0005)
• 2.20% and 1.70% discounts for 3 years (XD0001 and XD0002)
• 1.90% discount for 5 years with a £1,495 product fee and 1.70% discount for 5 years with a £195 product fee (RP) (XD0003 and XD0004)
• 1.40% discount for 5 years with a £1,495 product fee and 1.20% discount for 5 years with a £195 product fee (IO) (XD0005 and XD0006)

Buy to Let

• 3.29% 3 year fixed rate to 31 March 2022 (XF0071)
• 3.49% 5 year fixed rate to 31 March 2022 (XF0072)
• 2.35% discount for 3 years (XD0007)
• 2.15% discount for 5 years (XD0008)

In addition to the above please also note the following:

For all new Owner Occupier products only (including the Family Mortgage)

• For both purchase and remortgage applications a free valuation for properties up to £500,000 is included.
• For properties above £500,000 a discount of £360 from the standard valuation fee scale applies
• Free (in-house) legals are also included for remortgages (or £250 cashback where we can't act)

For all new Buy to Let products

• For all new B2L products a full valuation fee is payable with no refund
• Legal fees are fully payable by the applicants

For all new Owner Occupier and Buy to Let products

• For all OO and B2L applications over £500,000 a product fee of 0.30% of the advance applies.

The grids providing all product details are attached – these are for information only and should not be distributed to clients.

Information Files