Compare Furness mortgages
You can choose from several different kinds of mortgage with Furness Building Society, depending on your borrowing needs and personal financial circumstances.
Homeowner mortgages
Depending on your circumstances, you may be able to borrow up to 95% of a property’s market value as a mortgage with Furness Building Society in order to buy a home.
They will also take into account your personal or joint income.
They offer two main types of mortgages for homeowners: fixed rate mortgages and discount mortgages.
A fixed rate mortgage means your interest rates are set at a guaranteed level for an introductory period, generally 2-5 years, after which you will switch to a variable rate.
Discount rate mortgages give you a reduced rate of interest for an introductory period, usually 2 years with Furness, after with you will switch to a normal variable rate of interest.
Buy to Let mortgages
Furness Building Society will allow you to borrow up to 75% of a property’s value if you are looking to buy it to rent out.
They may also take into account the monthly rental value of the property. Many providers of buy to let mortgages will want the monthly rent to cover the monthly mortgage payments, plus an extra margin to act as a buffer, often around 25%.
Remortgaging with Furness Building Society
If you feel you are paying too much on your existing mortgage, or need to borrow more for home improvements or other purposes, you may want to look at remortgaging.
This means taking out a new mortgage and using it to pay off your old one, either to reduce your monthly payments or so you end up with some extra cash left over.
Loan to value ratio
There are two main factors that will affect how much you can borrow as a mortgage: your income and your loan to value (LTV) ratio.
LTV is a way of showing how much you can borrow as a percentage of the market value of the property you are borrowing against.
So, if you are applying for a mortgage for £50,000, secured against a home worth £100,000, then your LTV would equal 50%.
Both existing and new borrowing are factored in, so if you later wanted to borrow a further £25,000 on the same property, your new LTV would be 75%.
You will usually find that you are offered better interest rates on mortgages with a lower LTV.
Find the best deals on mortgage rates
With such a wide range of providers and different mortgage types available across the market, we know that many customers struggle to identify which deals offer them the best value.
Our mortgage calculator is designed to take some of the confusion out of the equation.
To see how it works, head to the top of the page and enter some basic information, including how much you want to borrow, how long for and why you need a mortgage.
The calculator will then match you up with the most appropriate deals that we have found from across the market.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
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Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Furness BS & alternative lender options.
