Furness Building Society has introduced 95% lending in LA postcodes in a bid to get behind first time buyers in its Heartland. With lenders dipping in and out of the high LTV space, Furness has restricted its lending geographically to offer a longer-term commitment to its local communities and especially first time buyers trying to get on the housing ladder.
There is a choice between a 2 and 5 year fixed rate and the great news is that neither of the fixed rates carry a product fee. Rates are 3.29% and 3.49% respectively and applicants will just need a 5% deposit, which can be in the form of a family gifted deposit.
Alasdair McDonald, Head of Intermediaries for Furness said, “There are some fantastic career opportunities for the younger generation here in Cumbria and South Lakes, but with such a lack of first time buyer mortgages around it’s really difficult for them to realise their dream of buying their first home. That’s why we wanted to reach out to our local communities to say we’re here for you, through the good times and the bad and especially to help you with your first property purchase.
New build developments are popping up all the time in our local towns and villages and we’re happy to lend up to 95% on new build houses - we’ll also look at help from close family members, allowing them to join the mortgage without having to be named on the mortgage deed. This can sometimes address early affordability issues, especially where there is potential for the applicants’ earnings are likely to increase as their career progresses.”
Sue Heron, Marketing and Sales Directors for Furness said told us “as a building society, we exist to serve our local communities, we hope that as the market stabilises we can extend our offering but for now we must help those on our doorstep to become homeowners.”
The lender was recently commended for Best First Time Buyer Mortgage Provider” by Moneyfacts. This product range is also available for remortgages and home movers in the designated LA postcodes.