WINNER Best Regional Building Society 2013 and 2014

Your Ideal Mortgage


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This page will guide you through the main stages required in obtaining a mortgage with Furness Building Society. It will certainly be helpful if you are a first time buyer, however it will also be useful even if you have bought many times before. Major changes that took place in April 2014 mean that all mortgage lenders now adopt a different approach to mortgage lending.

This is just a guide and there is no need to follow each step before getting in touch! Just contact us - our mortgage advisers, whether this be in our branches or over the telephone, will guide you through this process. Our contact details are on the right hand side of this page.

Working out what you can afford


The first step is to work out what you think you can afford for a mortgage. You can do this by using our affordability assessment table. Working out what you can afford to borrow is tricky – the Furness website has a guide to help you work out all of your outgoings and a calculator to work out approximately how much your mortgage will cost. Our mortgage advisers will be able to help you with this.

Calculating the size of deposit you can provide


The amount you are contributing or ‘putting down’ towards the property is known as the deposit. Once you know the size of your deposit you can assess the mortgage products that may be suitable for you.

If you already own your own home (with or without a mortgage) you can work out what ‘equity’ you have in your current home, in other words the amount you think your home will sell for, minus the amount of your current mortgage.....

Add any other savings you may have to put towards a property and this is the size of the deposit you can provide. Generally speaking, the larger the deposit you can provide the lower the rate of interest you will have to pay on your mortgage.

If you are able to put down a 20% deposit that means you need a mortgage that is 80% loan to value.
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LTV Calculator


Use this tool to work out your loan to value:

Your Deposit
Purchase Price or Value of Your Property
=
Your LTV


Working out the mortgage cost


There are three main types of mortgage: Discount, Tracker, or Fixed Rate. Click here for a brief explanation of each. To see our list of current mortgages please see our current mortgage product range.

Using the information from the first two stages you can select a mortgage you think is suitable and calculate the monthly cost using our mortgage calculator.

Applying for the most suitable mortgage


For most people their home is the most expensive purchase they will ever make, and making sure you have a mortgage that will suit your needs and circumstances is very important.

At Furness we will have a qualified mortgage advisor available in every branch, and a team in our contact centre who handle telephone applications. As part of the mortgage application process we undertake a fact find to understand your personal circumstances. This covers not only the information above but takes account of possible changes that may take place in the future. This may include changes in your likely future income and even changes that are taking place in the market, for example if the Bank of England base rate goes up. We will need to know you can still cope if things become more stretched...
The advisor also determines whether a repayment or interest only mortgage is most suitable for you.

It is only after we have done this can we provide you with a recommendation for the most suitable mortgage for your needs.

All the checks you may remember from last time you applied for a mortgage still apply, though you will find now that simply working out how much a lender will lend you is not just based on your level of earnings. A lender will want to know a lot more about your total financial commitments so that they can be confident you can afford your mortgage.
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The process after application


Our mortgage underwriting team assess all mortgage applications, and the timescale for a decision will vary according to personal circumstances, as, for example, we may ask for more information if you have missed bill payments in the past. Typically, it takes 2-4 weeks from application to a formal mortgage offer.

If you are not moving home and just switching your mortgage provider (remortgaging) the process can be quicker. The whole process from application to completion can be just a few weeks....

If you are moving home then a valuation of the property will be required before an offer is made. From this point the timescales to complete your purchase tend to be more in the hands of the solicitors, and ‘the chain’ of buyers and sellers that are all looking to buy and sell at the same time as you.

Once a formal offer has been made and you have accepted it by signing and returning a copy to us, we will work with your solicitor towards a completion date at which point the funds you have applied for will be released, either to purchase your new home or to repay the lender from which you are switching.
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ideal mortgage pod




What to do next?

For more information or to apply for this product you can:

Call: 0800 220 568
Intermediaries Call: 0845 194 8669 › Find your nearest branch › Enquire Online


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