About Furness Building Society
Furness Building Society is a mutual building society that was founded in 1865. The firm was established to “empower people” in the North West and Cumbria and serve as an asset to its community. Today, they mainly specialise in mortgages and savings accounts.
Unlike most high street banks, Furness has no shareholders to pay dividends to, which means they are better placed than some lenders to offer flexible mortgage products.
What type of mortgages do they offer?
Furness Building Society have a wide range of mortgage products available, divided into the following categories:
- Homemover mortgages
- First-time buyer mortgages
- Remortgages
- Self-employed mortgages
- Short-term mortgages
- Buy-to-let mortgages
- Holiday-let mortgages
- Later-life mortgages
This lender’s product range is dominated by 2 and 5-year fixed-rate mortgages and 2-year discount mortgages. They also offer exclusive deals for existing customers as well as specialist products such as self-build mortgages and green mortgages.
A choice of capital repayment or interest-only repayment types is offered on some products.
Eligibility criteria
Criteria may vary depending on the type of mortgage you are applying for, but for general residential borrowers, Furness Building Society has the following eligibility requirements:
- Deposit needed: Furness has a handful of options available for borrowers with 5% deposit (95% LTV) but product choice increases at 10% deposit plus.
- Credit history: Bad credit mortgages are available for borrowers with most minor to moderate types of adverse, but serious issues like bankruptcies and individual voluntary arrangements (IVAs) need to have been satisfied for eight years.
- Age: The maximum age applicants can be is 79-80 at the end of the term.
- Employment: Self-employed applicants and contractors need to have been trading this way for at least two years, while full-time employees only need to have been in their current job for one month.
- Property type: Furness won’t offer a mortgage on certain types of non-standard construction - such as concrete and cornish construction - and also won’t lend on ex-local authority properties. The LTV is capped at 75% on new build flats.
The above criteria was sourced from Criteria Brain and the lender’s website.
Get in touch with us if you fall outside of this criteria - our team of brokers can explore whether there is room to negotiate with Furness or find you an alternative lender.
Compare Furness Building Society mortgage rates
The mortgage rates available from Furness Building Society are competitive with other mutuals and lower than some high street and specialist lenders.
You can compare rates on their residential, buy-to-let and remortgage products with more than 90 other lenders for free - or have one of our brokers do it for you - below:
