Family Building Society Residential
Interest-only available: Family Building Society offers interest-only mortgage options, which can be a valuable solution for borrowers looking to minimise their monthly payments while planning a long-term repayment strategy or relying on future asset growth.
Good with older applicants: Family Building Society accommodates older borrowers, with repayment mortgage terms extending up to age 95. This flexibility allows clients approaching or in retirement to secure home finance or equity release without age restrictions hindering their plans.
Right to Buy up to 100% of the share: Family Building Society supports Right to Buy applicants by offering loans up to 100% of the share being purchased. This is ideal for council and housing association tenants looking to make the most of their Right to Buy discount, minimising the deposit required.
Offset mortgage options: They provide offset mortgages, which allow borrowers to offset their savings against their mortgage balance. This reduces the amount of interest payable and offers clients greater control over their financial planning, especially useful for those with fluctuating incomes.
No credit score required: Family Building Society assesses applications on a case-by-case basis without relying on automated credit scoring. This human approach allows clients with complex financial backgrounds or thin credit files to access mortgage finance that may be unavailable from high street lenders.
Guarantor mortgages: Family Building Society offers guarantor mortgages, providing a safety net for clients who may not meet the affordability criteria on their own. This option is well-suited for first-time buyers or those with lower incomes, where a family member can help secure the loan.
Flexible for applicants with past financial difficulties: The lender is known for being understanding with clients who have had financial difficulties in the past. Their manual underwriting process allows brokers to present a fuller picture of the borrower’s current circumstances, rather than just focusing on past issues.
Generous lending criteria: Their lending criteria are more accommodating than many mainstream lenders, especially for self-employed applicants, those with irregular income, or clients with unique financial situations. This broadens the pool of potential borrowers that brokers can help.
Specialist lending for unique properties: Family Building Society is willing to consider applications for non-standard property types, such as those with unusual construction or unique features, which many mainstream lenders might reject.
