Furness Building Society has announced its latest offing today for those looking to get on the first rung of the property ladder.
According to the lender, with only a 5% deposit required, the fixed rate will get them off to a great start safe in the knowledge their payments will be guaranteed for 5 years and the generous £1,500 cashback (paid on completion), and no product, will certainly help with setting up home and/or moving costs.
The product is exclusively available to first time buyers with a pay rate of 4.50% fixed for 5 years and is available for house purchase only. Loans are available up to £500,000 and first time buyers can take advantage of a 40 year term.
Sue Heron, Marketing and Sales Director, had this to say: “We absolutely understand the challenges that first time buyers have in today’s market and have tried to address each of them by introducing a generous cashback, together with a low deposit of just 5% and a 5 year fixed rate. With the recent introduction of 95% lending in Scotland, we can now help first time buyers across England, Scotland and Wales.
Furness will also go the extra mile by offering a solution for applicants who need that extra help buying their first home by allowing a family member to join the mortgage and Sue went on to tell us “The solution from Furness allows family members to join the mortgage so that their income can be used when assessing the case but there is no need for the family member to be added to the title deeds. We use our standard lending criteria and there is no need for any additional security such as savings to be taken as collateral. This solution will also work for parents who own their own home and will not want to be caught by the increased stamp duty that could apply if they had to appear on the title deeds meaning this a great alternative to the traditional Bank of Mum and Dad”.