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Furness Building Society cuts first-time buyer rates

Written by: Shekina Tuahene
The fixed rate reductions include a range of cashback options
Furness Building Society cuts first-time buyer rates

Furness has released a range of 95 per cent loan to value (LTV) products and reduced its rates to help first-time buyers onto the property ladder.

The range sees a reduction to the two-year fixed rate products, which now start from 3.08 per cent – down from 3.68 per cent – with an option of £1,000 cashback at 3.38 per cent, reduced from 3.99 per cent.

Five-year fixed rates now start from 3.38 per cent with an option of £1,000 cashback at 3.58 per cent. These rates have been brought down from 3.99 per cent and 4.15 per cent respectively.

Two-year discount products are priced at 2.69 per cent with a £500 cashback and 2.99 per cent with £1,500 cashback.

Alasdair McDonald, head of intermediaries at Furness, said: “We understand that first-time buyers need the best start they can get, and this isn’t always down to the cheapest rate.

“We believe that the reduction in our 95 per cent LTV fixed rates complements our other first-time buyer propositions, which include our joint applicant/sole proprietorship solution and lending on new build houses.”

The 95 per cent LTV range is also available for remortgages with free valuation and legal fees on standard cases in England and Wales and a contribution of £150 towards fees in Scotland.

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