Two new consumer buy-to-let products have been launched by Furness Building Society. This follows an announcement by the firm that it is now in a position to consider “all potential Consumer Buy to Let” applicants subject to their standard criteria.
The first product, a 2 year discount mortgage, is available at 60% LTV with a pay rate of 2.85%. The second product, offered at a higher maximum LTV of 75%, is once again at a discounted rate for 2 years with a pay rate of 3.14%.
Both of these discounted products benefit from having no early repayment charges. They are also both available for purchase and remortgage cases, with a free legal package on remortgages.
“This relatively recent addition to the Buy to Let world has caused some confusion with both consumers and lenders in the first few months following Mortgage Credit Directive,” Sue Heron, Marketing and Sales Director, commented.
“The Furness is delighted that we are now in a position to cater for consumer buy to let applications and believe that our product offering, coupled with our manual approach to underwriting will be appealing in the current mortgage market.”