Furness Building Society has announced cuts to their fixed-rate mortgages for both homeowners and landlords, with some rates dropping by as much as 0.35%.
This could mean significant savings for those looking to buy a home or remortgage their existing property.
Here are some of the key reductions for homebuyers:
- Two-year fixed-rate mortgages:
- The rate for a two-year fix at 95% Loan-to-Value (LTV) is now 5.99%, down from 6.14%.
- For those buying a new property, the rate for a two-year fix at up to 95% LTV is now 5.89%, also down from 6.14%.
- Five-year fixed-rate mortgages:
- The rate for a five-year fix at 80% LTV has been cut to 4.54%, down from 4.74%.
- For those with a smaller deposit, the five-year fix at 95% LTV is now 5.29%, down from a much higher 5.64%.
What about fees?
Some of these deals come with a £999 fee, which you can choose to pay upfront or add to your loan. However, Furness BS is also offering a £250 cashback on some of its residential mortgages – which could come in handy for those looking to reduce their moving costs.
Landlords haven’t been forgotten!
Furness Building Society has confirmed that rates on all its buy-to-let mortgages have been reduced by 0.20%. The building society offers a range of buy-to-let products, including:
- Unregulated mortgages
- Regulated mortgages
- Consumer buy-to-let mortgages (up to 80% LTV)
- Holiday let mortgages (up to 75% LTV)
If you’re thinking about becoming a landlord, bear in mind that Furness requires your anticipated rental income to cover at least 125% of the mortgage interest payments.
Looking for the best buy-to-let deal?
Furness’ most competitive buy-to-let rate is a two-year fixed-rate mortgage at 4.69% for borrowers with a deposit of at least 35% (65% LTV).
Furness BS: Focusing on Personal Service
Jonathan Cartlidge, Head of Member & Broker Strategy at Furness Building Society, highlighted their commitment to personal service. Unlike many lenders who rely solely on credit scoring, Furness uses experienced underwriters to assess each case individually. This means they can consider borrowers with more complex circumstances and offer a more flexible approach.