The Family Building Society focuses on providing services for families who want to share their savings whilst making the most of their money – particularly popular among parents who want to support their children. All their products, including mortgages, are designed with this ethos in mind and as a result they offer innovative, personal solutions for homebuyers.
For example, you may be able to use your family’s assets as security for your mortgage, without them having ot hand anything over. It may also be possible to add your family’s savings to an offset mortgage.
These additional assets give the lender to the confidence to offer mortgage rates that applicants may not have been able to access elsewhere.
Compare Family Building Society Bank’s mortgage rates
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
What types of mortgages can I get with Family Building Society?
Fixed rate Your interest rate remains locked for a set amount of time, giving added certainty when it comes to the size of your monthly mortgage repayments.
Remortgages You can switch from your existing mortgage provider to Family Building Society via the lender’s remortgage products.
Offset You can use money in a Family Building Society savings account to offset the amount of your mortgage balance you pay interest on.
Discount rate With this mortgage type, your interest rate remains locked a specific percentage below the lender’s standard variable rate for a set amount of time.
Variable rate Your interest rate could fluctuate based on various economic conditions.
Buy to let You can purchase an additional property and let it out to tenants with this mortgage type.
95% LTV Purchase a property with a mortgage deposit worth only 5% of the property’s value.
Interest-only Your monthly repayments on take into account the mortgage interest. You’ll pay off the capital at the end of the mortgage term.
How to apply
You can apply online or arrange for a mortgage expert to call you by visiting familybuilding society.co.uk. Alternatively, you can call the lender on 03330 608 104.
What information is needed to apply?
You’ll need to provide personal details, address history, employment history and documents outlingin nyour financial situations. This will include recent payslips and bank statements. If a family member is acting as a guarantor, they will also need to provide these details.
Self-employed applicants will need to show two years worth of accounts.
Eligibility criteria
The applicant must be aged 18 between and 89 looking to purchase a property in England or Wales. They must be no nolder than 95 when the mortgage term is due to end. All applicants and guarantors will be subject to affordability checks.
There is no minimum income criteria, and applicants who have recently suffered mortgage arrears, defaults or CCJs may still be considered.
Contact information
You can make general enquiries by calling 03330 140140 or emailing mortgage.service@familybsoc.co.uk.
Frequently asked questions
Yes, this may be an option with some mortgages.
The Family Building Society mortgage website for intermediaries indicates how long it will take to hear a decision. At the time of writing, its underwriting team were assessing applications made six days before.
The minimum loan amount is £45,000. The lender will only lend against properties worth at least £120,000.
Yes, this may be an option with some mortgages.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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