Furness reduces rates and launches ‘Outstanding’ product

Furness has reduced its discount rates for both Residential and Let properties across England, Scotland and Wales.

The new 2 year residential discount products include a 0.79% (£999 fee) for cases up to 60% LTV, a 0.99% (£999 fee) for cases up to 80% LTV, and a 1.89% (fee free) for cases up to 90% LTV.

As testament to the competitiveness of these products, Moneyfacts have rated the 0.99% option as ‘Outstanding’.

Moneyfacts said “Furness has made significant reductions to its discounted variable rates. Its 2 year offering at 80% loan-to-value has been reduced by 0.35% giving a pay rate of 0.99%. With the fee and incentive package unchanged and already a Moneyfacts 'Best Buy' this reduction further cements its position.”

For clients looking for an interest only option, there is a newly launched ERC free 2 year product with a pay rate of 1.09% (£1,699 fee) for cases up to 60% LTV.

The new 2 year Buy-to-Let discount products include a 1.59% option for case up to 65% LTV and 1.89% for cases up to 75%.

For Clients with a Holiday-Let, the new discounts start at 2.59% for cases up to 65% and 2.69% for cases up to 75% LTV.

All the new Buy-to-Let and Holiday-Let products carry a £995 fee.

As further benefit to customers, all the products carry a free standard valuation package for purchases and for clients wanting to remortgage, there is a standard incentive package of free valuation and legal fees for cases in England and Wales. For cases in Scotland, a contribution of £150 towards legal fees will apply.

Alasdair McDonald, Head of Intermediaries said

“Following the launch of our ERC free products last week, we’re delighted to give further options to our broker partners with this new range of discounted products.

We’re especially confident the new Holiday-Let rates offer real value for money and coupled with the flexibility in assessing affordability, our acceptance of Airbnb properties makes choosing Furness a pretty compelling proposition.  We’ve got over 10 years’ experience as a Holiday-let lender and our professional and friendly team of underwriters will look at each case individually.”