Furness Building Society has announced rate reductions up to 0.25% on its residential and buy-to-let fixed-rate products, marking a significant shift in their lending strategy.
- The residential product’s 5-year fixed rate at 90% LTV has decreased by 0.15%, now sitting at 4.54%, illustrating a commitment to competitive offerings.
- For remortgaging, a 2-year fixed rate up to 80% LTV has seen a cut of 0.25%, also now at 4.54%, providing new avenues for homeowners.
- In the buy-to-let sector, rates start at 5.29% following a reduction by up to 0.25%, covering a wide array of product options, enabling flexibility.
- Jonathan Cartlidge emphasises a personalised application review process, eschewing credit scoring to enhance client experience across the UK.
Furness Building Society’s decision to reduce rates on its fixed-rate products represents a strategic recalibration within the competitive mortgage sector. By reducing rates by up to 0.25% on both residential and buy-to-let mortgages, the society aims to bolster its position and provide more accessible financial solutions to its clientele.
The society’s 5-year fixed-rate mortgage for residential properties at a 90% loan-to-value (LTV) ratio is now priced at 4.54%, reflecting a 0.15% decrease. This adjustment highlights Furness’s intent to support borrowers looking for stability in their mortgage repayments over a longer term, making it a compelling option for prospective homeowners and investors alike.
For those interested in remortgaging, Furness offers a newly adjusted 2-year fixed rate at 4.54% for cases up to 80% LTV—this rate has been reduced by 0.25%. Such a competitive rate offers homeowners a significant reprieve, potentially lowering monthly repayments and enhancing financial liquidity.
In the buy-to-let sector, a variety of products including regulated, unregulated, consumer, and holiday let options have observed reductions. With rates starting from 5.29%, investors are presented with versatile financial products that cater to diverse investment strategies. These reductions align with the broader market trend toward making investment properties more financially viable.
Jonathan Cartlidge, the society’s head of member and broker strategy, has articulated a vision focused on client-centric service. By eschewing a traditional credit scoring approach in favour of an individual review of applications, Furness aims to deliver a bespoke lending experience. This method not only personalises the mortgage process but also potentially broadens access to credit for a wider range of borrowers across England, Scotland, and Wales.
Furness’s rate reductions reinforce its commitment to competitive mortgage products, enhancing accessibility and personal service.
