Residential borrowers earning more than £80,000 could borrow up to six times income up to 90% loan to value (LTV).
Similarly, self-build applicants who earn over £100,000 will also be eligible for up to six times income. Also, the mutual has widened the scope of access arrangements it will consider for self-build cases through BuildLoan.
Furness Building Society has also increased its maximum loan at 90% LTV from £750,000 to £1m.
Lending on flats, including new-build flats, has risen to a maximum of 90% LTV. Certain flats above premises will also be eligible up to 90% LTV for residential lending, although consideration is subject to criteria.
Borrowers who have bought a second residential property for a dependent relative will now be able to borrow up to 90% LTV.
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Within Furness Building Society’s BTL range, the mutual has introduced an interest coverage ratio (ICR) model, with top slicing available to allow personal income to support rental affordability. These changes remove the minimum income requirement. Portfolio landlords will also benefit from enhanced criteria, LTVs and exposure limits.
For joint borrower sole proprietor (JBSP) applications, the mutual has removed the £50,000 minimum income requirement.
Further enhancements cover deposit options through Forces Help to Buy and Own New, as well as a wider range of permitted purposes for residential remortgage capital raising.
Jon Cartlidge (pictured), head of member and broker strategy at Furness Building Society, commented: “Brokers work with clients whose circumstances don’t always fit a straightforward lending approach. These changes give them more options, whether they’re supporting a contractor, a family buying a home for a dependent relative, or a borrower whose assets form an important part of their financial position.”
