With lenders dipping in and out of the high loan-to-value (LTV) space, Furness has restricted its lending geographically to offer a longer-term commitment to its local communities and especially first time buyers trying to get on the housing ladder.
There is a choice between a two and five-year fixed rate and neither of the fixed rates carry a product fee. Rates are 3.29% and 3.49% respectively and applicants will just need a 5% deposit, which can be in the form of a family gifted deposit.
Alasdair McDonald, head of intermediaries for Furness said, “There are some fantastic career opportunities for the younger generation here in Cumbria and South Lakes, but with such a lack of first-time buyer mortgages around it’s really difficult for them to realise their dream of buying their first home.
“That’s why we wanted to reach out to our local communities to say we’re here for you, through the good times and the bad and especially to help you with your first property purchase.”
Family support
He added: “New build developments are popping up all the time in our local towns and villages and we’re happy to lend up to 95% on new build houses – we’ll also look at help from close family members, allowing them to join the mortgage without having to be named on the mortgage deed.
“This can sometimes address early affordability issues, especially where there is potential for the applicants’ earnings are likely to increase as their career progresses.”
Sue Heron, marketing and sales director for Furness told us: “As a building society, we exist to serve our local communities, we hope that as the market stabilises we can extend our offering but for now we must help those on our doorstep to become homeowners.”
