Furness Building Society has made notable rate reductions across its residential and buy-to-let mortgage products, offering more competitive options to borrowers.
- The society has lowered its 5-year fixed product for residential borrowers at 90% loan-to-value by 0.15%, now at 4.54%.
- A key remortgage option sees a 0.25% reduction on a 2-year fixed rate up to 80% LTV, now matching the 4.54% rate.
- In the buy-to-let sector, rates drop by up to 0.25%, with offerings starting at 5.29% across various product types.
- Jonathan Cartlidge emphasised a personalised, flexible approach without traditional credit scoring, enhancing client experience.
Furness Building Society has enacted significant rate cuts on its mortgage products, marking a strategic effort to enhance competitiveness in the market. This decision affects both residential and buy-to-let segments, providing a broader range of financial options for potential borrowers.
In the residential domain, a noteworthy change is the reduction of the 5-year fixed-rate product for mortgages up to 90% loan-to-value (LTV), now set at 4.54%. This adjustment reflects a 0.15% decrease, aiming to attract more borrowers seeking long-term stability in their mortgage plans.
Additionally, Furness has introduced a compelling offer for those looking to remortgage. The society’s 2-year fixed-rate product for cases up to 80% LTV has been reduced by a significant 0.25%, bringing it to a competitive 4.54%. This move is designed to appeal to homeowners eager to refinance under more favourable terms.
The buy-to-let sector is also experiencing favourable updates, with rate reductions reaching up to 0.25%. These cuts affect a variety of products within Furness’s buy-to-let range, with initial rates now beginning at 5.29%. This adjustment is likely to entice investors seeking diversified mortgage products, including regulated, unregulated, consumer, and holiday let options.
Jonathan Cartlidge, head of member and broker strategy at Furness, highlighted the society’s commitment to providing robust and competitive mortgage products across England, Scotland, and Wales. His statement underscores a dedication to a unique, client-centric approach by evaluating each application individually, rather than relying solely on credit scoring metrics. This methodology seeks to offer a more tailored and potentially favourable borrowing experience.
Furness’s strategic rate reductions across residential and buy-to-let products highlight its commitment to competitive, client-focused lending solutions.
