Furness BS enhances lending criteria with higher residential and buy-to-let LTVs

Furness Building Society has launched the first phase of a 'mortgage transformation programme', aimed at improving access to lending for residential and buy-to-let borrowers.

As part of the updated criteria, 95% LTV lending is now available to those with complex income streams, dayrate and fixed-term contractors, limited company directors, business owners with only one year of trading and professionals from day one of employment. 

It also applies to those buying new build and shared ownership properties. 

Furthermore, 80% LTV lending is now available across the Society’s regulated buy-to-let and holiday let mortgages, and 75% LTV lending is available on its short-term lending products.

Furness says the changes mean greater flexibility, clearer routes to mortgage approval and fewer unnecessary barriers for clients whose circumstances fall outside traditional lending models. 

Jon Cartlidge, head of member and broker strategy at Furness Building Society, commented: “Brokers tell us they need lenders who understand the nuance behind today’s mortgage applications - and that’s exactly what our transformation project will deliver. We’re reworking our criteria to give intermediaries and their clients more confidence when placing complex cases, without compromising on responsible lending. 

“Combined with our experienced manual underwriting team, these changes mean brokers can have earlier, more meaningful conversations with us and get clearer outcomes for their clients.”