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Vernon refreshes product range as Furness adds 90 per cent mortgages

Christina Hoghton
Written By:
Christina Hoghton

Smaller building societies often have a more flexible approach to lending and assess each case individually

Two building societies have refreshed their mortgage offering, supporting borrowers who need a more bespoke approach with enhanced options.

Furness has introduced a new 90 per cent LTV five-year fixed rate mortgage and priced down equivalent deals at 70 and 80 per cent LTV.

Rates start at 2.19 per cent for 70 per cent LTV rising to 3.49 per cent with a £999 fee.

For remortgages, the products come with an incentive package of a free valuation and standard legal fees available in England and Wales and in Scotland they will receive a free valuation and £150 towards legal fees.

Residential applications are welcome on new build houses, from employed and self-employed customers.

Alasdair McDonald, head of intermediaries at Furness said: “We’re constantly improving our product range and we’re pleased to be offering another option at 90 per cent LTV with our new five-year fixed rate.

“One of our main aims is to help brokers access products across the LTV range, as well as providing a common sense approach to lending and being on hand when brokers need to talk to us.

“We don’t credit score and we’ll take the time to talk to our broker partners about their clients and their application. If your client is self-employed, we’ll take the time to assess the accounts and talk to the accountant if necessary,” he added.

Vernon offers flat rates from two to five years

At the same time, Vernon Building Society has shaken up its residential range and is now offering the same interest rate on two, three and five-year products for homebuyers and remortgagors.

Rates start at 2.25 per cent with a £999 fee, or fee-free discounted rates at 2.09 per cent.

The products are all available nationally up to 80 per cent loan to value (LTV).

Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “We’ve refreshed our residential mortgage range with a clear and simple approach.

“Whether your client wants to fix their rate for two, three or five years, the rate and fees are the same. Our three discounted rates offer the same interest rate whichever length of initial term they choose and come with no product fee.”