Furness product rated ‘outstanding’ by Moneyfacts

Jake Carter

May 11, 2021

Furness Building Society’s 80% loan-to-value (LTV) 2-year fix at 1.79% has been awarded an ‘outstanding’ rating by Moneyfacts.

According to the lender, the offering priced at 1.79% sits towards the top on sourcing for this type of product.

The fee has been reduced to £999 and it offers an incentive package for standard remortgages in England and Wales, which includes free valuations and legal fees.

For cases in Scotland, the lender will contribute £150 towards legal fees.

Residential applications are welcome on new-build houses, from employed and self-employed customers, with lending from £30,000 up to a maximum of £800,000.

Alasdair McDonald, head of intermediary mortgages at Furness for Intermediaries, said: “We’re really pleased that this 2-year fixed rate has been recognised as ‘outstanding’ by Moneyfacts.

“We want to help our broker partners to be able to help their clients realise their homeownership dreams and to find real value for money when they’re ready to remortgage.

“With a reduced fee, this product will be attractive to a broader mix of customers, appealing to those with a low to medium loan size.

“In addition, we’re happy to report that whilst we continue to look at each case individually, making sure all customers get that personal touch, our application to offer time is around 16 days and our call answering is under 30 seconds.

“Our priority, in these ever changing times, remains helping brokers and their clients.”

Eleanor Williams, finance expert at Moneyfacts, added: “Priced at 1.79% and available to all borrower types, this offers one of the most competitive rates in its sector.

“Those who have the required 20% deposit or equity and who are looking to keep set up costs on a new mortgage to a minimum may be further pleased to note that the reasonable fee of £999 can be added to the mortgage advance.

“This product may be especially tempting to those who are remortgaging, as for these borrowers there is also a generous incentive package of a free valuation and either free legal fees in England and Wales, or £150 towards legal fees in England, Wales and Scotland on offer.”

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