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Furness BS lowers resi and buy-to-let fixed rates

  • 25/06/2024
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Furness BS lowers resi and buy-to-let fixed rates
Furness Building Society has reduced mortgage rates across its residential and buy-to-let fixed rate products.

Fixed mortgage rates have been lowered by as much as 0.15%.  

This includes a two-year fixed rate up to 80% loan to value (LTV), which is now priced at 5.39%. The five-year fixed rate alternative has a rate of 4.89%. 

These products have a £999 fee which can be paid upfront or added to the loan, and £250 cashback is included for borrowers who are moving home. 

Furness Building Society will also consider self-employed borrowers and those with complex incomes. 

For landlord borrowers, the mutual’s rates start from 4.99% for a two-year fixed rate up to 65% LTV. The mutual offers regulated, unregulated and consumer buy-to-let mortgages up to 80% LTV and lends up to 75% LTV for holiday lets. 

Furness Building Society said it would assess an applicant’s overall financial circumstances as normal, but the gross anticipated rent for landlord borrowers much be at least 125% of the interest charges at the initial pay rate. 

Jonathan Cartlidge, head of customer strategy at Furness Building Society, said: “We’re delighted to launch this new range of products to brokers across England, Scotland and Wales.   

“We strive to remain competitive for our brokers but it’s also important to remember that we do not use credit scoring and each and every case is looked at individually by an experienced underwriter, by working in this way we are able to look at complex cases and apply flexibility in our decision making.” 

The lender recently launched a lower-fixed rate product for new-build homebuyers with Own New.

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