The Family Building Society has cut the interest rates on its three and five-year fixed rate Family Mortgages, as well as its Offset and Low-start Mortgages.
According to Moneyfacts.co.uk, the Family Mortgage five-year fixed rate is the lowest available for borrowers seeking a loan-to-value of up to 95%.
The new three-year fixed rate Family Mortgage is 2.99% until 30 November 2019 (down 0.35% from 3.34%).
The new five-year fixed rate Family Mortgage is 3.29% until 30 November 2021 (down 0.35% from 3.64%).
The new two-year discounted variable rate for the Offset Mortgage is 2.19% (down 0.20% from 2.39%).
The new average rate for the 90% LTV Low Start Mortgage is 2.99% (down 0.70% from 3.69%) – the five-year stepped fixed rate starts at 0.49%, rising to 1.49% and then 3.49%.
Keith Barber, director of business development at Family Building Society, said: “With a shortage of suitable homes in the supply chain, lack of innovation by the mainstream lenders and expensive rates for those with only a 5% deposit, we know how tough it is for first-time buyers to get into a home of their own.
“The ground breaking Family Mortgage champions the cause of this hard pressed borrower by making it easier to pool family assets without the need for families to gift money or remortgage their home.”
Since the financial crisis in 2008 mortgage rates have steadily fallen. With lenders slashing rates, experts believe there has never been a better time to get a mortgage.
HSBC has tried to shake things up with the launch of a new fixed rate mortgage with an interest rate at 0.99%.
Nationwide has cut its fixed rate and tracker mortgages by up to 0.25%, while Halifax has reduced its rates on its first-time buyer mortgage range by 0.30%.
Newcastle Intermediaries has also launched a new two-year fixed rate mortgage for re-mortgaging customers at an interest rate of 1.99%.
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