Furness re-enters Residential and Buy to Let Markets
Furness Building Society has launched a new range of 2 year products for Residential, Buy to Let and Holidays Let cases.
The new residential range includes a 2 year discount with a pay rate of 4.93% for cases up to 80% LTV and is available for purchases and remortgages.
For landlords, the Furness is able to offer a range of Unregulated, Regulated and Consumer Buy to Lets up to 80% LTV and Holiday Lets up to 75% LTV. Their lowest rate Buy-to-let product is a 2 year discount with a pay rate of 6.14% for cases up to 75% LTV.
As with all Buy-to-let products from Furness, applications will be assessed based on an applicant’s overall financial situation - however, the gross anticipated rent should be at least 125% of the interest charges at the initial pay rate. Earned income together with mortgage and other credit commitments will be reviewed personally by an underwriter. This enables Furness to consider a wider range of cases that present good quality, low risk lending.
A further benefit for Holiday Let cases is that the client is allowed use of the property for up to 90 days a year.
All products in this new range include £250 Cashback.
Alasdair McDonald, Head of Intermediaries at Furness told us “We’re thrilled to be back in the market with this new range of products available across England, Scotland and Wales.
With our individual approach to underwriting, we can cater for the straightforward cases as well as those that need a closer look and a personal touch. We often help our intermediary partners to understand their clients’ accounts with self-employed cases and so give our BDM team a call to see how they can help you.”