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Furness BS re-enters resi and BTL markets

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  • 21/07/2023
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Furness BS re-enters resi and BTL markets
Furness Building Society has launched a range of two-year products for residential, buy-to-let and holiday let borrowers.

The lender withdrew from these markets temporarily on 5 July.

The residential range includes a two-year discount product with a pay rate of 4.93 per cent up to 80 per cent loan to value (LTV). It is available for purchase and remortgage.

For landlords, the lender provides unregulated, regulated and consumer buy-to-let products up to 80 per cent LTV.

The mutual will also offer holiday let products up to 75 per cent LTV, and the client can use a property for up to 90 days a year.

The two-year discount buy-to-let products has a pay rate of 6.14 per cent for cases up to 75 per cent LTV.

For buy-to-let products, applications will be assessed on an applicant’s overall financial situation and the gross anticipated rent should be 125 per cent of the interest charges at the initial pay rate.

The earned income along with mortgage and other credit commitments will be reviewed by an underwriter.

All products in the range include £250 cashback.

Alasdair McDonald, head of intermediaries at Furness Building Society, said: “We’re thrilled to be back in the market with this new range of products  available across England, Scotland and Wales.

“With our individual approach to underwriting, we can cater for the straightforward cases as well as those that need a closer look and a personal touch. We often help our intermediary partners to understand their clients’ accounts with self-employed cases and so give our business development management team a call to see how they can help you.”

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