Two competitive variable rate products for 90% loans have been launched by Furness Building Society.
Suitable for first-time buyers as well as standard mortgage customers with a 10% deposit, they are available as two and three year discount products at a pay rate of 1.99% for two years (with a £1,499 fee) and 2.45% for three years (with a £999 fee). They are available for both purchase and remortgage cases (with a free legal package on remortgages).
Both of the new products include a tiered early repayment charge. This means they begin with a 2% early repayment charge, before dropping to 1% in the final year of the product's lifespan.
“We are delighted with the launch of these new products which we feel will especially appeal to those looking to get on that first step of the property ladder,” said Sue Heron, Furness Building Society's Marketing and Sales Director. “Every case is looked at individually by an experienced underwriter, by working in this way we are able to apply some flexibility in our decision making.”