Furness has introduced a revamped range of residential mortgage products, with notable changes to their fixed-rate offerings. The key changes include:

• Two-Year Fixed Rate: A new rate of 5.24% is available for loans with up to 75% Loan-to-Value (LTV). This means if you are buying a property worth £100,000, you can borrow up to £75,000 at this rate.
• Higher LTV Option: For those needing a higher LTV, there’s a 5.34% rate for cases at 80% LTV.
• Five-Year Fixed Rate: For longer-term security, a five-year fixed rate of 5.49% is offered for cases up to 90% LTV.

These products are particularly attractive for buyers seeking stability in their monthly repayments over a fixed period.

Joint Borrower Sole Proprietor Mortgages

An interesting feature of Furness’s new range is the Joint Borrower Sole Proprietor option. This allows a mortgage to be taken out jointly, even if one of the borrowers will not be a co-owner of the property. This can be beneficial in situations where combining incomes can lead to a better mortgage deal. Plus, there’s a £250 cashback offer with these products.

Attention to Self-Employed Clients

Recognizing the challenges faced by the self-employed in securing mortgages, Furness has tailored its new products to be more accommodating, offering options for those with complex income streams.

Buy-to-Let Mortgage Options

For investors in rental properties, Furness’s changes in the buy-to-let range are equally noteworthy:

• Product Range: The range includes unregulated, regulated, and consumer let products, with a maximum of 80% LTV.
• Rate Options: Both two and five-year fixed-rate options are available, starting from 5.34%.

A critical aspect here is Furness’s approach to assessing applications. Instead of relying solely on an Income Coverage Ratio (ICR) calculation, they consider the applicant’s overall financial situation, including earned income and other credit commitments. This holistic approach can benefit investors with diverse income sources.

A Personalized Approach to Underwriting

Alasdair McDonald, the head of intermediaries at Furness, emphasizes their commitment to personalized service. Furness aims to cater to a wide array of clients, from straightforward cases to those requiring more in-depth analysis.