"We don’t assess cases using an ICR calculation but instead consider an applicant’s overall financial situation - earned income together with a mortgage and other credit commitments"
Furness Building Society has strengthened its holiday let range with two new five-year fixed rates at 65% and 75% LTV, priced at 3.89% and 4.29% respectively.
Both products carry a fee of £1,250, which can be paid upfront or added to the loan.
The holiday let products allow 90 days of personal use each year for the owners and, the Furness will look at the overall affordability for a client when assessing a case.
The Society has also introduced a new consumer buy-to-let range, which includes a reduction to its two-year fixed rate products at 65% and 75% LTV. These products are now priced at 2.49% and 2.99% respectively.
In addition, the Furness has also introduced two new five-year fixed rates for unregulated buy-to-lets at 65% and 75% LTV, priced at 2.89% and 3.39%.
The buy-to-let products carry a £1,495 product fee, which can be paid up front or added to the loan.
All products come with an incentive package of free valuation and legal fees on standard remortgages in England and Wales. For Scottish cases a contribution of £150 will be given towards legal fees.
Alasdair McDonald, head of intermediaries for Furness, said: “We’re often a great choice for brokers looking to place a buy-to-let case as we don’t assess cases using an ICR calculation but instead consider an applicant’s overall financial situation - earned income together with a mortgage and other credit commitments - and use our affordability model. Our experienced underwriters will take the time to look at cases individually and of course, they’ll always to their best to look for a way to say yes.”