Furness launches new variable rate mortgage

Furness launches new 80% LTV variable rate product.

Furness Building Society has launched a variable rate mortgage with a rate of 1.24%.

The 80% LTV product has a £999 fee that can be paid up front or added to the loan and is available for both purchase and remortgage cases.

Remortgages include a free legal package, and the product has a 2% early repayment charge in the first year. This drops to 1% in the final year.

Sue Heron, marketing and sales director at Furness Building Society, said: “We are delighted to launch this fantastic new product. The product is supported by our bespoke underwriting process.

“We do not use credit scoring to assess applications, with each case looked at individually by an experienced underwriter who understands complex cases. By working in this way we are able to apply flexibility in our decision making.”