In This Article
About Family Building Society?
Family Building Society is a trading name of National Counties Building Society, which has been providing security for people’s money and helping homebuyers since 1896.
The building society head office is based in Epsom, Surrey.
Their aim is to have a more personal approach to lending, and they try to be the first choice for mortgages among modern families.
They offer a wide range of mortgage products, including fixed rate, tracker, and offset mortgages, as well as savings products including ISAs, instant access, and fixed rate bonds.
In addition to mortgages and savings, Family Building Society offer home insurance and travel insurance.
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Family Building Society mortgages
The Family Building Society is focused on delivering innovative and flexible mortgage products that meet the needs of modern families across all generations, as well as individuals who are not well served by the mass market. They appreciate that ‘one size does not fit all’ when it comes to mortgages, so they provide mortgages that work for everyone whether you are buying your first home, moving house, or looking to remortgage.
Family Building Society does not credit score and therefore potentially offers more opportunity for customers that may have a low credit score. Their range of products includes:
First time buyer mortgage
Family Building Societies innovative first-time buyer mortgage range aims to help those who need some extra help getting onto the property ladder.
They try to help those who need a higher loan to value, those who want to use savings to maximise affordability, and for young borrowers who want to utilise their parents to increase their borrowing capacity on Joint Mortgage Sole Owner.
Later life lending
Family Building Society try to help those that are looking for a generous mortgage deal into retirement. They can take into account earned income as well as other sources of income beyond retirement, such as investment and rental income.
Self-employed mortgages
The Family Building Society can offer self-employed mortgages to sole traders, Ltd Company Directors, and partnerships. They assess self-employed applicants on their individual merits and can take a sensible view of their income.
Buy to let mortgages
Family Building Society offers a range of fixed-rate and variable-rate buy to let mortgages for customers looking to invest in property or remortgage their existing buy to let properties. They may be able to assist with limited company borrowing and expat lending on a buy to let basis.
Second home or holiday home mortgages
Family Building Society may be able to help with a mortgage on a second home or a holiday home, depending on your ability to afford the loan. However, their interest-Only loans may be suitable where affordability is tight.
Mortgages for Armed forces
If you are a member of the Armed Forces serving in the UK or overseas, and the property has previously been used, or is intended to be used, as your main residence in the future Family Building Society may be able to help you.
Mortgages for tied accommodation
If you are currently in, or moving to, tied accommodation linked to your employment, such as a boarding school teacher, vicar / minster or an estate worker, the Family Building Society understands you may not be able occupy your property until your current employment finishes, which could be many years in the future. They therefore will consider mortgages for residential mortgage customers who need to rent out their property under a consent-to-let arrangement.
Do Family Building Society have competitive mortgage rates?
Family Building Society try to be competitive on the wide range mortgages they offer. The Society offers both fixed and variable rate mortgages, and also has a range of offset mortgages which can help borrowers manage their repayments.
With any mortgage, it’s important to compare the total cost of the mortgage over the term which includes the initial interest rate and fees charged.
When considering a mortgage, you should also consider other factors such as the quality of the lender’s service, early repayment charges, the revert rate and flexibility going forward such as portability and the ability to obtain further funds.
Should I switch my deal with Family Building Society?
If you are already a customer of Family Building Society, you should speak to them to investigate if you can switch products.
An independent mortgage advisor can advise you on all products available in the market and not just those with Family Building Society. A mortgage advisor can find the best option for you, which may not be staying with them.
How long does it take to get an offer with Family Building Society?
The time it can take to get a mortgage offer can differ from case to case. However, on average the time it takes to get an offer from Family Building Society’ is around four weeks.
What to do if Family Building Society have declined you
If you’ve been declined a mortgage from Family Building Society, you should find out the reason why. The reason could be a low credit score, missed payments resulting in bad credit, not fitting the criteria of Family building Society or the property not suitable security such as a non-standard construction.
To review your credit rating you can utilise Experian, Equifax, Transunion or Check My File which is the most detailed and offers a free trial.
A mortgage advisor may be able to find a new lender that suits your situation which may be a specialist lender that lends exclusively via mortgage brokers.
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Conclusion
The Family Building Society is a building society with a long history, having been in operation since 1896. The company is based in Epsom, Surrey, England, and offers an array of mortgage products, as well as savings products, home insurance, and travel insurance. The company’s focus is on providing innovative and flexible mortgage products that meet the needs of modern families across all generations.
The building society does not credit score, which potentially offers more opportunity for customers that may have a low credit score. The company’s first-time buyer mortgage range aims to help those who need some extra help getting onto the property ladder. The Family Building Society offers competitive mortgage options with both fixed and variable rates. They also have a range of offset mortgages which can help borrowers manage their repayments.
When considering a mortgage, it is important to compare the total cost of the mortgage over the term which includes the initial interest rate and fees charged. You should also consider other factors such as the quality of the lender’s service, early repayment charges, the revert rate and flexibility going forward such as portability and the ability to obtain further funds.
Please note, although the information on this page is correct at the time of writing, lenders change their policy on a regular basis so please use it as a guide only.
To find out up to date information about lenders and mortgage advice in general, contact a qualified mortgage adviser.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
