The new three year fixed rate is 3.14% (down 0.15% from 3.29%), and the five year fixed rate is 3.44% (down 0.35% from 3.79%), both with a £545 product fee.
The procuration fee for introducing intermediaries has also been increased to 0.55% from 0.45%.
Cammy Amaira, Head of Intermediary Sales at Family Building Society said:
“We continue to keep our mortgage offering competitive and the cut in our rates proves this point.
“The feedback that we have received from intermediaries and borrowers has been very positive. The Family Mortgage was designed specifically to allow family members to help first time buyers by providing security and offsetting facilities.
“As home ownership becomes an ever more distant dream for younger borrowers, that fact that we can offer loans up to 95% of a property’s value is very significant and, with the benefit of offsetting, you won’t get a lower monthly payment anywhere on a 95% loan.”
