Furness re-enters residential and buy-to-let markets

A residential two-year discount product has launched at 4.93%.


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Friday 21st July 2023

furness bs

Furness Building Society has launched a new range of two-year products for residential, buy-to-let and holiday let cases.

The new residential range includes a two-year discount with a pay rate of 4.93% for cases up to 80% LTV and is available for purchase and remortgage.

For landlords, the Furness is able to offer a range of unregulated, regulated and consumer buy-to-lets up to 80% LTV and holiday lets up to 75% LTV. Their lowest rate buy-to-let product is a two-year discount with a pay rate of 6.14% for cases up to 75% LTV.

As with all buy-to-let products from Furness, applications will be assessed based on an applicant’s overall financial situation - however, the gross anticipated rent should be at least 125% of the interest charges at the initial pay rate. Earned income together with mortgage and other credit commitments will be reviewed personally by an underwriter, enabling the Society to consider a wider range of cases.

For holiday let cases, the client is allowed use of the property for up to 90 days a year.

All products in the new range include £250 cashback.

Alasdair McDonald, head of intermediaries at Furness, said: “We’re thrilled to be back in the market with this new range of products available across England, Scotland and Wales.

"With our individual approach to underwriting, we can cater for the straightforward cases as well as those that need a closer look and a personal touch. We often help our intermediary partners to understand their clients’ accounts with self-employed cases and so give our BDM team a call to see how they can help you.”

Rozi Jones - Editor, Financial Reporter

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Rozi Jones Editor, Financial Reporter
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