Furness adds to holiday let range

Jake Carter

April 13, 2021

seaside holiday let coastal

Furness Building Society has added to its holiday let range.

It has introduced two 5- year fixed rate products at 65% and 75% LTV, priced at 3.89% and 4.29% respectively.

Both products include a fee of £1,250, which can be paid upfront or added to the loan.

The holiday let products allow 90 days personal use each year for the owners and, the lender will look at the overall affordability for a client when assessing a case.

The lender has also introduced a new consumer and unregulated buy-to-let range, which includes a reduction in rate to its 2-year fixed rate products at 65% and 75% LTV.

These products are priced at 2.49% and 2.99% respectively.

In addition, the Furness has introduced two 5-year fixed rates for unregulated buy-to-let products at 65% and 75% LTV, which are priced at 2.89% and 3.39%.

The buy-to-let products carry a £1,495 product fee, which can be paid up front or added to the loan.

All the products that Furness offers come with an incentive package of free valuation and legal fees on standard remortgages in England and Wales.

For Scottish cases a contribution of £150 will be given towards legal fees.

Alasdair McDonald, head of intermediaries for Furness, said: We’re often a great choice for brokers looking to place a buy to let case as we don’t assess cases using an ICR calculation but instead consider an applicant’s overall financial situation – earned income together with a mortgage and other credit commitments – and use our affordability model.

“Our experienced underwriters will take the time to look at cases individually and of course, they’ll always to their best to look for a way to say yes.”

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