Furness cuts rates to 0.79 per cent as Coventry adds mortgages – round-up

Furness cuts rates to 0.79 per cent as Coventry adds mortgages – round-up


Furness has reduced its two-year discount rates meaning that a pay rate of just 0.79 per cent at 60 per cent loan to value (LTV) is available, along with a 0.99 per cent rate at 80 per cent LTV. Both deals come a with £999 fee.

The lender is offering a pay rate of 1.89 per cent at 90 per cent LTV fee-free.

Moneyfacts has rated the 0.99 per cent deal as ‘outstanding’.

The money ratings and comparison website said: “Furness has made significant reductions to its discounted variable rates. Its two-year offering at 80 per cent loan to value has been reduced by 0.35 per cent giving a pay rate of 0.99 per cent. With the fee and incentive package unchanged and already a Moneyfacts ‘Best Buy’ this reduction further cements its position.”

The building society is also now offering an interest-only two-year product with a pay rate of 1.09 per cent, with a £1,699 fee, for cases up to 60 per cent LTV. The deal has no early repayment charges.

For clients with a holiday let, the new discounts start at 2.59 per cent for cases up to 65 per cent and 2.69 per cent for cases up to 75 per cent LTV with a £995 fee.

Alasdair McDonald, from Furness for Intermediaries, said: “Following the launch of our ERC (early repayment charge) free products last week, we’re delighted to give further options to our broker partners with this new range of discounted products.

“We’re especially confident the new holiday let rates offer real value for money and coupled with the flexibility in assessing affordability, our acceptance of Airbnb properties makes choosing Furness a pretty compelling proposition. We’ve got over 10 years’ experience as a holiday let lender and our professional and friendly team of underwriters will look at each case individually.”


Coventry launches new deals

At the same time, Coventry Building Society has added owner-occupier, offset and buy-to-let mortgages to its range.

The lender has also launched two tracker mortgages. One is priced at the Bank of England base rate (BBR) plus 0.79 per cent to give a current rate of 1.29 per cent at 65 per cent LTV, with a £999 product fee.

The other is BBR plus 1.19 per cent at 75 per cent LTV, again with a product fee of £999.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “We’re delighted to be adding products into our owner-occupier, offset and buy-to-let mortgage ranges, as well as launching two new tracker products.

“More products means that we can help brokers to support more of their clients, with our portfolios offering a range of LTVs and fee options.”