NEW HIGH LTV PRODUCT RANGE FROM FURNESS BUILDING SOCIETY

The Cumbria-based Building Society has launched a series of high LTV mortgage products for brokers

Furness Building Society has announced the launch of a new range of high Loan-to-Value (LTV) mortgage products available across England, Scotland and Wales.

The new products are available up to 95% LTV for residential house purchase, including New Build, and re-mortgage. The products are fixed at either two or five years with interest rates ranging from 2.35% to a highly competitive 2.85% for our 95% LTV 5 year loans and all products are fee free.

DIPs and applications for the new high LTV products are welcome from both purchasers and those looking to re-mortgage and can be submitted via the Society’s online submission system. A highly experienced underwriting team, who work closely with brokers on a daily basis, will individually assess all applications. 

The new products: 

• 2 Year Fixed 90% LTV at 2.35%
• 2 Year Fixed 95% LTV at 2.69%
• 5 Year Fixed 85% LTV at 2.49%
• 5 Year Fixed 90% LTV at 2.55%
• 5 Year Fixed 95% LTV at 2.85%

Alasdair McDonald, Head of Intermediaries at Furness Building Society, commented: “We have created these products to provide our intermediary network with more options at a time when the residential property market is extremely competitive. With the number of buyers outweighing properties for sale by as much as 18 to 1, we know our brokers need lenders that can work with them to get the right solution for their clients.

We’re also ideally positioned to help customers requiring a high LTV because we don’t use a scoring system. By considering cases on their individual merit, means we can often make an offer when many other lenders have declined.”