Furness BS cuts residential and buy-to-let mortgage rates

Furness Building Society has introduced a new range of lower-priced mortgage products. 

Highlights include a two-year fixed rate at 4.39%, available on residential purchases up to 80% LTV. The product comes with no upfront application fees, a £999 product fee, and allows loans up to £800,000. 

In addition to the residential product changes, Furness has reduced rates across its buy-to-let and ‘Own New’ product ranges. 

Furness launched a new range of products through the Own New scheme last month. The Own New Rate Reducer scheme uses a contribution offered by housebuilders and offsets them against mortgage interest, reducing the buyer’s monthly mortgage payments for a fixed period of two years. There is no cost to the homebuyer and they will own 100% of the property.

The Society's mortgage products are available for properties across England, Scotland, and Wales and each case is assessed on its individual merits, giving intermediaries the ability to help clients with more complex needs, such as self-employed applicants, multiple income streams, or unconventional circumstances.

Jonathan Cartlidge, head of member and broker strategy at Furness Building Society, commented: "Our new product range is designed with intermediaries in mind. We understand the importance of flexibility, and our manual underwriting approach allows us to look beyond the numbers and offer real solutions to brokers and their clients. 

"The two-year fixed at 4.39% for up to 80% LTV is an excellent choice for brokers looking to secure a strong deal for their clients, and our case-by-case review process means we can consider circumstances that others may not."