Furness Building Society has lowered residential and buy-to-let (BTL) rates by up to 0.24% to “add a competitive edge”.
On the BTL side, the lowest rate BTL product is a two-year fixed with a pay rate of 4.89% for cases up to 65% loan to value (LTV).
In its BTL range, the mutual can offer a range of fixed rate unregulated, regulated and consumer BTLs up to 80% LTV and holiday lets up to 75% LTV.
BTL applications will be assessed based on an applicant’s overall financial situation, but the gross anticipated rent should be at least 125% of the interest charges at the initial pay rate.
The range of residential products includes a two-year discount with a pay rate of 4.99% for cases up to 80% LTV, and a two-year fixed rate at 5.04% up to 80% LTV.
At 90% LTV, the two-year discount is 5.39%, while its fixed rate equivalent is 5.33%.
Jonathan Cartlidge, head of customer strategy at Furness Building Society, said: “We are excited to introduce this new range of products to brokers across England, Scotland, and Wales.
“While we aim to remain competitive for our brokers, it is crucial to note that we do not use credit scoring. Each case is individually reviewed by an experienced underwriter, enabling us to handle complex cases with a flexible approach in our decision-making process.”
The lender last lowered rates at the end of June.
Saffron BS cuts residential, expat BTL and green mortgage rates
Saffron Building Society has lowered rates across its owner-occupied, expat BTL and green residential ranges.
Within its owner-occupied range, the lender has lowered rates, including its large loan range, and brought out an 85% LTV tier.
The two-year fixed rate at 85% LTV is 5.37% with a £99 fee, and its five-year fixed rate equivalent is 5.47%.
Its two-year fixed rate at 80% LTV with a £999 fee has fallen by 0.4% to 5.27%, and its five-year fixed rate at 80% LTV for large loans has gone down by 0.6% to 4.77%. The latter has a £1,495 fee.
On the expat BTL side, its five-year fixed rate at 75% LTV with a £2,500 arrangement fee has decreased by 0.2% to 5.67%.
In its green range, its two-year fixed rate at 80% LTV has gone down by 0.4% to 5.27%. It has a £999 fee.
Tony Hall, head of business development at Saffron for Intermediaries, said: “In the aftermath of the election uncertainty, and ahead of a potential base rate reduction, we are delighted to be able to announce reduced rates across a range of our products.
“We are increasingly aware of the more complex circumstances of today’s borrowers, and that the approach to mortgages must reflect this. This is why we are constantly looking for ways to enhance our mortgage products to ensure that we can help as many borrowers as possible to find a product that works for them. Today’s announcement is just another step towards that goal.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
