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 fixed rates by up to 0.35% across Residential and Buy-to-Let range
Furness is pleased to announce a reduction of up to 0.35% on its fixed-rate products across both Residential and Buy-to-Let categories.
The newly updated residential product range features a 2-year fixed rate at 4.85% for purchases up to 80% LTV. For those seeking longer-term options, a 5-year fixed rate is now available at 4.54%, also for cases up to 80% LTV. Each product in this range comes with a £999 fee, which can either be paid upfront or added to the loan. Additionally, to support clients who are moving home, all products in this new range include a £250 cashback offer.
Furness remains committed to providing tailored solutions, extending its services to clients with more complex income structures, including the self-employed. Our flexible lending criteria allow us to assess each case individually, factoring in pre-tax profits to determine affordability.
For landlords, Furness now offers a comprehensive range of fixed-rate Unregulated, Regulated, and Consumer Buy-to-Let products up to 80% LTV, as well as Holiday Let products up to 75% LTV. The most competitive Buy-to-Let option is a 2-year fixed rate at 4.69% for cases up to 65% LTV.
As with all Furness Buy-to-Let products, applications are evaluated based on the applicant’s overall financial situation. The anticipated gross rent should cover at least 125% of the interest charges at the initial pay rate. Each application is personally reviewed by an underwriter, considering both earned income and other credit commitments, which allows Furness to accommodate a broader range of high-quality, low-risk cases.
Jonathan Cartlidge, Head of Member & Broker Strategy told us “We are excited to roll out this new range of products to brokers across England, Scotland, and Wales. While maintaining our competitive edge, it’s important to highlight that we do not use credit scoring. Instead, each case is carefully reviewed by an experienced underwriter, enabling us to handle complex cases with a flexible and personalised approach.