Furness Building Society have release a product update for intermediaries. See below for details. Access these product via our direct to lender mortgage club and get the benefits of payment on completion.
Announcement
Furness reduces rates by up to 0.24% across Residential and Buy-to-Let range
Furness has reduced its rates by up to 0.24% for its products to add a competitive edge.
The new range of residential products includes a 2 year discount with a pay rate of 4.99% for cases up to 80% LTV, and for clients looking for a fixed product there is a 2 year fixed rate product at 5.04% for cases up to 80% LTV. For clients with a 10% deposit, there is a 5.39% 2 year discount or a 5.33% 2 year fixed rate product available.
All products in the residential product range carry a £999 fee which can be paid up front or added to the loan, and to help clients who are moving home all products in this new range include £250 Cashback.
In addition to serving employed clients, Furness is pleased to consider cases involving more complex income structures, including those of self-employed individuals. Their flexible lending approach allows them to evaluate each case on its individual merits, taking into account pre-tax profits when assessing affordability.
For landlords, the Furness is able to offer a range of fixed rate Unregulated, Regulated and Consumer Buy to Lets up to 80% LTV and Holiday Lets up to 75% LTV. Their lowest rate Buy-to-let product is a 2 year fixed with a pay rate of 4.89% for cases up to 65% LTV.
As with all Buy-to-let products from Furness, applications will be assessed based on an applicant’s overall financial situation – however, the gross anticipated rent should be at least 125% of the interest charges at the initial pay rate. Earned income together with mortgage and other credit commitments will be reviewed personally by an underwriter. This enables Furness to consider a wider range of cases that present good quality, low risk lending
Jonathan Cartlidge, Head of Customer Strategy told us “We are excited to introduce this new range of products to brokers across England, Scotland, and Wales. While we aim to remain competitive for our brokers, it is crucial to note that we do not use credit scoring. Each case is individually reviewed by an experienced underwriter, enabling us to handle complex cases with a flexible approach in our decision-making process.”