The mutual said this was the first phase of its mortgage transformation programme to make lending more accessible to homebuyers and landlords.
Furness Building Society will now lend up to 95% loan to value (LTV) to borrowers with complex income streams, day-rate and fixed-term contractors, limited company directors, business owners with one year of trading and professionals from day one of employment.
This will apply to borrowers buying new-build and shared ownership properties.
Further, the mutual will lend up to 80% LTV across regulated buy-to-let (BTL) and holiday let mortgages, and 75% LTV on short-term loans.
Furness Building Society said this would mean more flexibility and fewer barriers for borrowers with non-standard circumstances.
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Further changes will be rolled out over this year to complement its manual approach to underwriting and provide consistent decision-making.
Jon Cartlidge, head of member and broker strategy at Furness Building Society, said: “Brokers tell us they need lenders who understand the nuance behind today’s mortgage applications – and that’s exactly what our transformation project will deliver. We’re reworking our criteria to give intermediaries and their clients more confidence when placing complex cases, without compromising on responsible lending.
“Combined with our experienced manual underwriting team, these changes mean brokers can have earlier, more meaningful conversations with us and get clearer outcomes for their clients.”
Earlier this year, the mutual announced it had entered a funding partnership with Gen H to fund mortgages applied for with Gen H.
