"We are excited to introduce this new range of products to brokers across England, Scotland, and Wales."
- Jonathan Cartlidge, head of customer strategy at Furness
Furness has reduced rates by up to 0.24% across its residential and buy-to-let mortgage ranges.
The new range of residential products includes a two-year discount with a pay rate of 4.99% for cases up to 80% LTV and a two-year fixed rate at 5.04% up to 80% LTV.
At 90% LTV, Furness has introduced a 5.39% two-year discount and a 5.33% two-year fixed rate.
All products in the residential range offer £250 cashback and carry a £999 fee which can be paid up front or added to the loan.
In addition to serving employed clients, Furness will consider cases involving more complex income structures, including those of self-employed borrowers, and will take into account pre-tax profits when assessing affordability.
For landlords, the Society offers a range of fixed rate unregulated, regulated and consumer buy-to-let products up to 80% LTV and holiday lets up to 75% LTV. Its lowest rate buy-to-let product is a two-year fixed rate at 4.89% for cases up to 65% 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.
Jonathan Cartlidge, head of customer strategy at Furness, said: “We are excited to introduce this new range of products to brokers across England, Scotland, and Wales. While we aim to remain competitive for our brokers, it is crucial to note that we do not use credit scoring. Each case is individually reviewed by an experienced underwriter, enabling us to handle complex cases with a flexible approach in our decision-making process.”
