Family Building Society has reduced rates and made changes across its BTL product range.
Two-year fixed-rate BTL products have been lowered by 10bps while five-year fixed rate BTL products have been held at the same rate.
In addition, the maximum LTV available across all UK landlord (including offset), limited company, and expat BTL product ranges has been increased to 75%.
Applications for MUFBs will remain at 70%.
Limited company BTL lending criteria has also been enhanced, with the addition of another standard industry classification (SIC) code.
As a result, Family Building Society is now able to consider applications from SPVs registered under either of the following SIC codes:
Darren Deacon, head of intermediary sales commented: “Enhancing our already flexible BTL criteria by increasing our maximum LTV, as well as adding to our acceptable list of SIC codes, will be welcomed by UK and expat landlords.
“And as the market undergoes further upheaval with uncertainty surrounding swap rates, landlords looking for short term security of rate will, I’m sure be pleased to see the price reductions we were able to make on our two-year fixed rate products.”
