Family BS trims rates; Bath BS launches credit repair mortgages – round-up
Family Building Society has lowered select residential and interest-only mortgage rates.
Its core two- and five-year fixed rate repayment deals have been cut by 0.1%, with two-year fixed rates starting from 5.34% and five-year fixes from 4.79%.
Family Building Society’s core two- and five-year fixed rate interest-only products have been reduced by 0.2%.
Its two-year fixed rates now begin from 5.93% and five-year fixed rates from 5.34%.
Darren Deacon, head of intermediary sales at Family Building Society, said: “As interest rates continue their downward trajectory, helped by last week’s Bank of England Bank Rate announcement, these reductions will bring further relief to hard pressed borrowers looking for the certainty of a fixed rate deal.”
Bath BS releases credit repair mortgages
Bath Building Society has launched a range of credit repair mortgage products in response to broker feedback.
The products have been designed to help borrowers who have historic credit issues by allowing them to access “competitive” mortgage rates.
The products are available up to 70% loan to value (LTV) and include a two-year fixed mortgage rate priced at 5.69% and a five-year fix with a rate of 5.39%.
There is also a two-year discounted rate product which is 2.15% lower than the mutual’s standard variable rate (SVR) which is currently 8.39%.
Ben Hutchings, head of intermediary mortgage sales, said: “The society recognises the growing need for more understanding from lenders amid the hard times that customers face due to the ongoing cost of living crisis. Our credit repair products could be an option for customers concerned about a poor credit rating. Rates and charges tend to be higher due to the perceived risk. However, once clients are accepted for one of our credit repair mortgages and can prove regular payments, their credit rating will improve to enable them to consider a more competitive product.
“We take a flexible approach to underwriting and will consider each case on its merits. We do not credit score. The actual rate and annual percentage rate of charge (APRC) for each case will depend on individual circumstances and our assessment of the risk.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
