The Furness Building Society has launched two new variable rate products at 90% loan to value (LTV).

These two and three year discount products are suitable for first time buyers as well as standard mortgage customers with a 10% deposit.

The new products carry a pay rate of 1.99% for two years (with a £1,499 fee) and 2.45% for three years (with a £999 fee), and are available for both purchase and remortgage cases, with a free legal package on remortgages.

Both products feature a tiered early repayment charge; they start with a 2% early repayment charge which then drops to 1% in the final year of the products life.

Sue Heron, Furness Building Society’s marketing and sales director, said: “We are delighted with the launch of these new products which we feel will especially appeal to those looking to get on that first step of the property ladder. One of the benefits of recommending Furness Building Society is that we do not use credit scoring to assess applications.

“Every case is looked at individually by an experienced underwriter, by working in this way we are able to apply some flexibility in our decision making.”