Furness expands 95% lending to complex borrowers

Published on

Furness Building Society has launched the first phase of a mortgage transformation programme, widening criteria to improve access for complex borrowers and landlords.

The changes include 95% LTV lending for applicants with non-standard income, including day-rate and fixed-term contractors, limited company directors, business owners with just one year’s trading and professionals from day one in a new role. The criteria also extend to new-build and shared ownership purchases.

In the buy-to-let space, the Society now offers 80% LTV across regulated BTL and holiday let products, alongside 75% LTV on short-term lending.

Furness says the enhancements are designed to remove unnecessary barriers for borrowers who fall outside traditional lending models, while maintaining its manual underwriting approach. Further updates are expected later this year.

REWORKED CRITERIA

Jon Cartlidge (main picture), head of member and broker strategy at Furness Building Society, said: “Brokers tell us they need lenders who understand the nuance behind today’s mortgage applications – and that’s exactly what our transformation project will deliver.

“We’re reworking our criteria to give intermediaries and their clients more confidence when placing complex cases, without compromising on responsible lending.

“Combined with our experienced manual underwriting team, these changes mean brokers can have earlier, more meaningful conversations with us and get clearer outcomes for their clients.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

West Brom reduces rates by up to 0.18%

West Brom Building Society has reduced rates across its two-year fixed purchase mortgage range,...

more2life calls for innovation and technology to drive later life lending growth

Later life lender more2life has called on the wider industry to ensure product innovation...

Leasehold possessions on the rise, warns Spicerhaart

More leasehold properties are entering possession as ongoing issues with the leasehold system continue...

Darlington completes complex expat new-build mortgage

Darlington Building Society has completed an 80% LTV mortgage for a joint application from...

New builds coming to market at lowest level since 2017

The number of new build housing developments coming to market is at its lowest...

Latest publication

Other news

West Brom reduces rates by up to 0.18%

West Brom Building Society has reduced rates across its two-year fixed purchase mortgage range,...

more2life calls for innovation and technology to drive later life lending growth

Later life lender more2life has called on the wider industry to ensure product innovation...

Leasehold possessions on the rise, warns Spicerhaart

More leasehold properties are entering possession as ongoing issues with the leasehold system continue...