Furness Building Society has launched two new mortgage products specifically for apprentices living in its North West Heartland. 

Products are available with deposits starting from a minimum of 5%, increased cashback of £1,000 and a series of criteria updates making securing a loan easier for apprentices in CA, LA, FY and PR postcodes. 

The enhanced criteria include opening up applications for apprentices who have been in employment and with the same employer for a minimum of three months, rather than one or two years. 100% of regular overtime hours and bonuses will also be included in the income affordability assessment, giving apprentices more borrowing power.

Cashback has been raised from £250 to £1,000 to offer increased financial relief for apprentices. Paid as a one-off lump sum when the mortgage is approved, it can be used for any purpose including covering moving costs or buying furniture. 

Product details:

• 2 Year Fixed 90% LTV with a pay rate of 4.47%

• 2 Year Fixed 95% LTV with a pay rate of 4.98%

Jon Cartlidge, Head of Member and Broker Strategy at Furness Building Society, commented: “Our heartland is home to thousands of apprentices and we want to support them by helping them take their first steps onto the property ladder. By increasing cashback, maintaining a lower deposit requirement and revising our eligibility criteria, we’re providing meaningful financial support when they need it most and making it easier for them to achieve their homeownership goals.”