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.
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.
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
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...
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....