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Furness Building Society latest lender to pause 90 per cent LTVs

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  • 09/06/2020
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Furness Building Society latest lender to pause 90 per cent LTVs
Furness Building Society is the latest lender to withdraw from 90 per cent loan to value (LTV) lending.

 

The society blamed its exit on bigger lenders removing products from the market.

Accord and Virgin yesterday both pulled lending at this level.

Advisers have until 3pm on 9 June to make applications at 90 per cent LTV with Furness.

The lender said it intends to honour decisions in principle and applications received before the deadline, but it will depend on “operational capacity”.

Furness said it hopes to come back to lending at this level.

Alasdair McDonald, head of intermediaries at Furness, said: “Since recently re-entering the mortgage market, including being one of a limited number of lenders offering 90 per cent LTV products, Furness for Intermediaries have seen greater than expected application volumes from brokers.

“Also, over the last few days a number of lenders have pulled 90 per cent LTV products from their ranges, which has increased massively the demand for our 90 per cent LTV products.

“As a result, to maintain service levels for brokers and their customers we have taken the difficult decision to temporarily withdraw our 90 per cent LTV product range.

“We are fully committed to the broker mortgage market and want to support brokers and their clients as much as we possibly can. Once our service levels allow, we hope to be back with 90 per cent LTV products.”

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