Furness BS launches new buy to let mortgage range.
Furness Building Society has made a significant change to its buy to let mortgage lending criteria, as well as introducing a new range for landlords.
The lender will now be assessing overall affordability for its mortgages, having dispensed with its interest cover ratio (ICR) calculation, based on gross rental income of 125%.
The new products include both discounted and fixed rate options. The details are:
2 year discounted, plus fee:
- 1.80% for up to 60% LTV
- 1.99% for up to 75% LTV
3 year fixed, plus fee:
- 2.05% for up to 60% LTV
- 2.85% for up to 75% LTV
Many lenders are demonstrating their commitment to landlords in this sector by reviewing their rates and lending criteria. As an independent mortgage broker, experts in the buy to let market, Deal Direct could help you to find a flexible option, that ticks all your own borrowing boxes.
Find a great value buy to let mortgage with Deal Direct.
Deal direct are regulated to offer independent mortgage advice; however, we are not regulated to offer general financial advice. If you want to discuss the suitability of property as an investment, you will need to contact an independent financial adviser.
Please note that buy to let mortgage applications from:
- applicants whose intention is to benefit from house price growth
- applicants whose intention is to benefit from rental income
- applicants who are letting to buy
will be treated as normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.
Start your search now by calling 0800 048 8828.
