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Furness BS cuts FTB rates and TML adds to resi remortgage range – round-up

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  • 04/10/2019
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Furness BS cuts FTB rates and TML adds to resi remortgage range – round-up
Furness for Intermediaries has released a range of 95 per cent loan to value (LTV) products and reduced its rates to help FTBs onto the property ladder.

 

The range sees a reduction to the two-year fixed rate products, which now start from 3.08 per cent – down from 3.68 per cent – with an option of £1,000 cashback at 3.38 per cent, reduced from 3.99 per cent.   

Five-year fixed rates now start from 3.38 per cent with an option of £1,000 cashback at 3.58 per cent. These rates have been brought down from 3.99 per cent and 4.15 per cent respectively. 

Two-year discount products are priced at 2.69 per cent with a £500 cashback and 2.99 per cent with £1,500 cashback. 

Alasdair McDonald, head of intermediaries at Furness, said: “We understand that first-time buyers need the best start they can get, and this isn’t always down to the cheapest rate.  

“We believe that the reduction in our 95 per cent LTV fixed rates complements our other first-time buyer propositions, which include our joint applicant/sole proprietorship solution and lending on new build houses.” 

The 95 per cent LTV range is also available for remortgages with free valuation and legal fees on standard cases in England and Wales and a contribution of £150 towards fees in Scotland. 

 

TML adds to resi remo range 

The Mortgage Lender (TML) has extended its residential remortgage products, introducing additional deals with no up-front fees and either £500 cashback or free standard legals. 

The new remortgage products are available up to 85 per cent LTV, with a minimum loan of £75,000. 

Initial rates start at 3.05 per cent for a two-year fix at 70 per cent loan to value and 3.79 per cent for a five-year fix at 70 per cent loan to value. There are no application, valuation or transfer fees.  

Completion fees from £995 to £1,495 are payable but can be added to the loan. 

The Mortgage Lender deputy chief executive, Peter Beaumont (pictured), said: “Remortgages are an increasingly important source of new business for our broker partners. 

“It’s important we support our introducers by offering competitive rates and attractive products for those customers that do not meet mainstream criteria such as debt consolidation, self-employment and impaired credit.”

 

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