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 launches new Holiday Let products
Furness have launched two new Holiday Let products for properties across England, Scotland and Wales.
The new 2 year fixed rate products include a 5.99% up to 65% LTV, and 6.19% up to 75% LTV and both carry a £995 fee which can be paid up front or added to the mortgage. There is also a 5 year option available at 5.93% up to 75% LTV. Each of these products come with a £250 Cashback.
Benefits of Furness’ Holiday-Let mortgages include:
- Personal use allowed for up to 90 days per year
- Flexible approach on calculating affordability
- Complex and multiple income streams considered (including gross holiday rental income)
- Mortgages considered on an interest-only or repayment basis
- Available on properties across mainland UK
Furness have also launched a range of residential products including a 4.64% 2 year fixed rate for cases up to 80% LTV.
Alasdair McDonald, Head of Intermediaries at Furness told us “We are delighted to improve our Holiday let range with these new products. We are happy to consider mortgages on an interest-only or repayment basis, and with apply our flexible approach to calculating affordability we believe we have a strong proposition.
Our unique process means we’re able to consider applications involving complex and multiple income streams. This includes using an element of the gross holiday rental income, as well as personal income. Our affordability based model uses primarily personal income but also factors in 50% of the rental income into the assessment.”