Furness Building Society has launched an interest-only mortgage at 70 per cent loan to value (LTV).
The deal is fixed for two years at a rate of 4.7 per cent and is available for purchase and remortgages against properties in England, Scotland and Wales.
The maximum loan size is £750,000 and it offers a £250 cashback incentive on completion.
Alasdair McDonald, head of intermediary mortgages at Furness Building Society, said “We are delighted to re-enter the market in the 70 per cent LTV space for interest-only cases. I’m also pleased to announce that we have introduced stepped rates to our two and three-year product range.
“Our two and three-year products will no longer immediately revert to our mortgage variable rate (MVR) after the initial rate ends. Instead, following the initial rate, the products will now have a variable period at MVR minus 1.25 per cent before reverting to MVR five years after the start of the mortgage.
“This new feature will help clients when undergoing affordability assessment, and with our ability to assess each case on its own merits, and also our competitive product range we feel we can offer your clients a solution to their needs.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
