Furness Building Society has returned to the residential and buy-to-let markets with a new selection of 2-year products. This range includes options for residential, buy-to-let, and holiday let cases.
In its residential offering, Furness is launching a 2-year discount with a pay rate of 4.93% for cases up to 80% loan-to-value (LTV). This is applicable for both purchase and remortgage situations.
Landlords can look forward to a series of unregulated, regulated, and consumer buy-to-lets up to 80% LTV, and holiday lets up to 75% LTV. The lender’s buy-to-let product comes in the form of a 2-year discount with a pay rate of 6.14% for cases up to 75% LTV.
Furness has noted that it will assess applications based on the applicant’s overall financial situation. However, the gross anticipated rent should cover at least 125% of the interest charges at the initial pay rate. Each application will be personally reviewed by an underwriter, considering earned income, mortgage, and other credit commitments.
Furness’s holiday let customers can also benefit from up to 90 days of personal property use per year. The new product range includes a £250 cashback on all products.
Alasdair McDonald, head of intermediaries at Furness, said: “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.”
