"Furness Building Society has today announced rate reductions on its fixed-rate holiday let products."
Furness Building Society has today announced rate reductions on its fixed-rate holiday let products.
For clients with a case up to 65% LTV there is a 2-year option at 3.39% and a 5-year option at 3.59%. For clients with a higher LTV, there is a 3.69% 2-year and 3.99% 5-year option available up to 75% LTV.
Each of the products carry a £995 fee which can be added to the loan or paid upfront. For remortgages, Furness offers a free standard valuation and free legal fees although in Scotland this is adjusted to a £150 contribution towards legal fees.
Furness also adopts a flexible approach to lending including both gross holiday rental income as well as personal income when calculating affordability. A further benefit to the client is that personal use of the property is allowed for up to 90 days a year.
All products are available across England, Scotland, Wales.
Alasdair McDonald, Head of Intermediaries at Furness told us:
“As an established holiday let lender we’re delighted to launch these new products. But it’s not all about the lower rates, our approach to lending means that we are able to take the time to look at each case individually and assess it on its own merits, and as we allow up to 90 days of personal use of the property each year the client will be able to enjoy their property also."