Furness launches new holiday let products

Furness Building Society has launched two new holiday let products for properties across England, Scotland and Wales.

The new two-year fixed rate products start from 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 five-year option available at 5.93% up to 75% LTV. Each of these products come with a £250 cashback.

Furness’ holiday let mortgages allow personal use for up to 90 days per year. It offers a flexible approach to affordability with complex and multiple income streams considered (including gross holiday rental income) and mortgages considered on an interest-only or repayment basis.

Furness has also launched a new range of residential products including a 4.64% two-year fixed rate for cases up to 80% LTV.

Alasdair McDonald, head of intermediaries at Furness, said: “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 applying 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.”