The Family Building Society has cut rates on its three- and five-year fixed rate family mortgages, as well as its offset and low-start mortgages.
• The new three-year fixed rate family mortgage is 2.99 per cent until 30th November 2019 (down 0.35 per cent from 3.34 per cent).
• The new five-year fixed rate family mortgage is 3.29 per cent until 30th November 2021 (down 0.35 per cent from 3.64 per cent).
• The new two-year discounted variable rate for the offset mortgage is 2.19 per cent (down 0.20 per cent from 2.39 per cent)
• The new average rate for the 90 per cent LTV low start mortgage is 2.99 per cent (down 0.70 per cent from 3.69 per cent) – the five-year stepped fixed rate starts at 0.49 per cent, rising to 1.49 per cent and then 3.49 per cent.
Family Building Society business development director Keith Barber says: “With a shortage of suitable homes in the supply chain, lack of innovation by the mainstream lenders and expensive rates for those with only a 5 per cent deposit, we know how tough it is for first time buyers to get into a home of their own.
“Since the launch of Family Building Society two years ago, we have responded to the need for innovative financial solutions by also introducing an offset mortgage for those that want their savings to work harder, for example.
“These reduced rates make our first time buyer mortgages among the most competitively priced.”