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Family Building Society

The aim of the Family Building Society is to give parents and grandparents the opportunity to help out the younger generation in their efforts to get on to the housing ladder.

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Reason for mortgage
£
£
years
How would you like to repay?
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Rate type Initial rate Fees Overall cost
APRC

Overall costs for comparison. This is a way of comparing most costs including interest and fees.

Monthly cost
Rate type
Stepped until 28/03/2017
Initial rate
0.49%then 4.54% (variable)
Fees
£1,259fees
Overall cost
4.5%APRC
Monthly cost
£566.78 for 6 months then £885.81 (variable)
for 294 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Wales
  • Aged 18 or older
  • No County Court Judgements (CCJs)
  • No arrears
  • No defaults
  • No bankruptcies
  • No repossessions
  • Up to 90% loan-to-value (LTV) available.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 28/09/2016. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £265,086 includes: Loan amount (£160,000); Interest (£103,827); Application fee (£545); Valuation fee (£430); Legal fee (£154); Funds transfer fee (£30); Mortgage discharge fee (£75); Deeds release fee (£25); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Discounted until 28/09/2018
Initial rate
2.19%then 4.64% (variable)
Fees
£1,659fees
Overall cost
4.3%APRC
Monthly cost
£693.06 for 24 months then £886.06 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Wales
  • Aged 18 or older
  • No arrears
  • No repossessions
  • Up to 80% loan-to-value (LTV) available.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 28/09/2016. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £262,846 includes: Loan amount (£160,000); Interest (£101,187); Application fee (£945); Valuation fee (£430); Legal fee (£154); Funds transfer fee (£30); Mortgage discharge fee (£75); Deeds release fee (£25); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Fixed until 31/01/2020
Initial rate
2.29%then 4.54% (variable)
Fees
£1,659fees
Overall cost
4.0%APRC
Monthly cost
£700.98 for 36 months then £871.03 (variable)
for 264 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Wales
  • Aged 18 or older
  • No arrears
  • No repossessions
  • Up to 80% loan-to-value (LTV) available.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 31/01/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £256,847 includes: Loan amount (£160,000); Interest (£95,188); Application fee (£945); Valuation fee (£430); Legal fee (£154); Funds transfer fee (£30); Mortgage discharge fee (£75); Deeds release fee (£25); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Fixed until 31/01/2022
Initial rate
2.39%then 4.54% (variable)
Fees
£2,209fees
Overall cost
3.8%APRC
Monthly cost
£708.96 for 60 months then £857.96 (variable)
for 240 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Wales
  • Aged 18 or older
  • No arrears
  • No repossessions
  • Up to 80% loan-to-value (LTV) available.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 31/01/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £250,657 includes: Loan amount (£160,000); Interest (£88,448); Application fee (£1,495); Valuation fee (£430); Legal fee (£154); Funds transfer fee (£30); Mortgage discharge fee (£75); Deeds release fee (£25); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Fixed until 31/01/2022
Initial rate
2.59%then 4.54% (variable)
Fees
£909fees
Overall cost
3.8%APRC
Monthly cost
£725.06 for 60 months then £861.46 (variable)
for 240 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Wales
  • Aged 18 or older
  • No arrears
  • No repossessions
  • Up to 80% loan-to-value (LTV) available.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 31/01/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £251,163 includes: Loan amount (£160,000); Interest (£90,254); Application fee (£195); Valuation fee (£430); Legal fee (£154); Funds transfer fee (£30); Mortgage discharge fee (£75); Deeds release fee (£25); Fees are assumed to be paid up front and not included in the amount borrowed.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

About Family Building Society

The Family Building Society is a new addition to the long established National Counties Building Society, which has been in operation since 1896. The society only came into the existence in July 2014 and is the first new building society to open its doors in the UK since 1981.

The Family BS isn’t a truly independent building society because it is tied to the National Counties Building Society, but it does operate a separate division and has its own products. The Family Building Society does not have any branches. Customers wishing to access its products and services will need to contact the society via telephone or through their website.

With the aim to help the younger generation on to the property ladder, they have a number of different products for families, including a selection of savings accounts, insurance products and Family BS mortgages. The society can also offer advice on later life financial planning.

Family Building Society’s main product is a mortgage where parents and grandparents can use their financial resources to reduce a first time buyer’s monthly mortgage repayments. The society gives family members three ways of doing this. They can gift some money, deposit savings in a Family Building Society savings account as equity for the loan and earn interest, or deposit money in a savings account and use this to offset the mortgage.

With a Family Building Society Family Mortgage, payments can be waived for up to six months in the event of a no-fault redundancy.

The society also offers a low-start Family BS mortgage for customers who are starting again after a relationship breakdown. The mortgage is interest only for the first couple of years, which keeps repayments low to allow the homeowner get back on their feet.

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