Furness Building Society rolls out second wave of criteria changes

Furness Building Society has launched the second phase of its mortgage transformation programme, aimed at improving access to lending for those with unusual and diverse income streams. 

This includes key criteria changes: 
●    Six months’ Construction Industry Scheme (CIS) vouchers to assess income based on gross earning and assuming two years’ experience
●    100% of foster carer income for calculating affordability with two years’ history
●    Enhanced Self-Invested Personal Pensions (SIPPs) and Assets Under Management (AUM) treatment to give more favourable weight to a borrower’s investment portfolio
●    Enhanced rental income acceptance
●    Dependent visas accepted

The changes form part of a raft of mortgage enhancements implemented by Furness Building Society to provide greater flexibility, clearer routes to loan approval and fewer unnecessary barriers for brokers with clients whose circumstances fall outside traditional lending models. 

Additional upgrades include extending 95% loan-to-value (LTV) and applying tiered loan-to-income increases to reflect the modern-day workforce. Extra flexibility has also been built into Society’s remortgage offer such as lifestyle capital raising up to £40k at 80% LTV and offering savings replenishment up to 90% LTV. 

With a series of enhancements being rolled out throughout the year, the changes complement Furness’ manual approach to underwriting, providing intermediaries with consistent decision-making and underwriters who understand real-world scenarios. 

Jon Cartlidge, Head of Member and Broker Strategy at Furness Building Society, commented: “We know that many borrowers today don’t fit neatly into traditional income models, whether they’re self-employed, working across multiple roles or receiving income in different forms. This next phase of criteria changes is about recognising that reality and ensuring those customers aren’t unfairly excluded from accessing a mortgage. By taking a more holistic view of income and building in greater flexibility, we’re giving brokers the confidence that complex cases will be assessed on their true merits, supported by our hands-on underwriting approach and commitment to consistent, common-sense decision making.”