"Applications on new build houses with gifted deposits are welcome, together with joint applicant, sole proprietorship solutions available."
Previously the lender allowed home movers and remortgage customers to take advantage of 95% lending but, in a bid to keep its commitment to provide mortgages for local people in its heartland, both product ranges are now restricted to first-time buyers only.
At 95% LTV, two-year fixed rates now start from 3.69% and five-year rates from 3.89%.
New 90% LTV rates include a two-year fixed rate at 3.29% and a five-year fix at 3.49%, both fee-free.
Furness’ 90% LTV and 95% LTV products are only available for first-time buyers buying a property within an LA postcode.
Neil Tribick, BDM at Furness Building Society, said: “We’re doing everything we can to keep our promise to help our local first-time buyers get on the property ladder. With the lack of high LTV products in the market we’ve had to make some changes to protect our very special proposition. Applications on new build houses with gifted deposits are welcome, together with joint applicant, sole proprietorship solutions available.
"Our teams are working very hard to make sure our service levels remain on track, we’re happy to answer your calls and broker registration and DIPs are all readily available.”
