Family Building Society - Mortgage Product Changes
20 March 2017
With effect Monday 20 March 2017 Family Building Society will make several changes to our mortgage product range including amending our Ex pat & large loan fees. Full details of all changes are below.
Withdrawal from all new business:
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)
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)
Applications for these products will be affected until Tuesday 28 March.
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Launched for applications submitted directly or via an intermediary:
Owner Occupier
- 1.99% 2 year fixed rate to 31 August 2019 (XF0074)
- 2.29% 3 year fixed rate to 31 July 2020 (XF0075)
- 2.39% 5 year fixed rate to 31 July 2022 with a £1,499 product fee (XF0077)
- 2.59% 5 year fixed rate to 31 July 2022 with a £249 product fee (XF0078)
- Family Mortgage 2.69% 5 year fixed rate to 30 June 2020 (XF0079)
- Family Mortgage 2.89% 5 year fixed rate to 30 June 2022 (XF0080)
Buy to Let
- 3.39% 5 year fixed rate to 30 June 2022 (XF0082)
- 3.59% 5 year fixed rate to 30 June 2022 (XF0083)
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Fee changes
In addition to the above product changes please note the following changes to our fees –
- For all new Ex pat applications the fee has increased from 1% of the advance to 1.25% of the advance (plus the product fee).
- For all Buy to Let applications over £500,000 a product fee of 0.40% of the advance applies (previously 0.30%).
- Standard £945 product fee has increased to £999.
- Products with a £195 product fee have increased to £249.
- Products with a £1,495 product fee have increased to £1,499.
- Family Mortgage product fee has increased from £545 to £599.
These fee changes apply to the new products being launched on Monday 20th March, full details of which are attached. These changes also apply to our existing product range that will remain on sale after 20 March 2017. This means that the following products already on your system will need amending to show as below –
Owner Occupier
- 2 year Offset Mortgage 2.45% discount (XO0005). Standard product fee amended to £999.
- 2.20% and 1.70% discounts for 3 years (XD0001 and XD0002). Standard product fee amended to £999.
- 1.90% discount for 5 years with an updated £1,499 product fee and 1.70% discount for 5 years with an updated £249 product fee (RP) (XD0003 and XD0004).
- 1.40% discount for 5 years with an updated £1,499 product fee and 1.20% discount for 5 years with an updated £249 product fee (IO) (XD0005 and XD0006). Expat variants will also need amending to show new Expat fee of 1.25%.
Buy to Let
- 2.35% discount for 3 years (XD0007). Standard product fee amended to £999, large loan product fee amended to 0.40% and Expat fee amended to 1.25%.
- 2.15% discount for 5 years (XD0008). Standard product fee amended to £999, large loan product fee amended to 0.40% and Expat fee amended to 1.25%.
Any applications for the above products that you have in the pipeline will not be affected by these changes. Applications for the above products which are received before 28 March will have the old (£945 / £1,495 / £195 / £595) product fees applied.
Full details of the new products are attached. Please update your systems accordingly.
