Furness Building Society’s 2 year 1.79% fixed rate at 80% LTV awarded “Outstanding” by Moneyfacts

Furness has repriced its 80% LTV, 2 year fixed rate. Although it shows a slight increase on the previous rate, the lower fee means it offers better value for money for a broader mix of customers and not just those looking for larger loans.

The rate on the 2 year fixed rate is 1.79% and it sits towards the top when sourcing this type of product. The fee has been reduced to £999 and as usual, this product offers a generous incentive package for standard remortgages in England and Wales, which includes free valuation 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, lending from £30,000 up to a maximum of £800,000.

Alasdair McDonald, Head of 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 comments

“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.