Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Family Building Society relaunches fixed rate BTL range with 60bps increase
Family Building Society has relaunched a range of fixed rate products that were temporarily withdrawn on 4 September, bringing back options across both its owner-occupier and buy-to-let (BTL) ranges.
The mutual confirmed that, in light of swap rate volatility, it has increased the rates on these products by 60 basis points.
A pragmatic approach for intermediaries
Darren Deacon, head of intermediary sales at Family Building Society, said market conditions remain challenging for borrowers and brokers alike, particularly against the backdrop of ongoing events in the Middle East. However, he noted that people still need to move or remortgage, and that brokers need lenders able to provide flexibility and a pragmatic approach to more complex cases.
He said the refreshed fixed rate range gives intermediaries more options for borrowers who need the certainty of a fixed rate solution.
What this means for letting agents and landlords
The return of BTL fixed rate products is relevant to landlords approaching remortgage dates. Agents advising buy-to-let clients should be aware that the relaunched rates carry a 60bps increase compared with the products withdrawn earlier this month, reflecting wider swap rate movements.
Brokers and intermediaries seeking fixed rate certainty for landlord clients now have additional options following the relaunch, with the lender positioning the refreshed range around flexibility on more complex cases.
Source: Mortgage Solutions