Furness Building Society

The Furness Building Society was founded in 1865 and now has its headquarters in Barrow-in-Furness, Cumbria, England. They offer several financial services, including residential and commercial mortgages, in an effort to give you “a great deal more.” This desire to give the best service possible most likely comes from the fact that this society is run by and for their members.

Furness offers two discount mortgages: one long-term, and the other short-term. The long-term discount takes a larger percentage off of their standard variable rate (SVR) for the entire term of the mortgage. This particular plan is available for loans of ₤20,000 and upwards, and for first time buyers, those moving home, or those wanting to refinance from another lender. You are able to borrow up to 90%, and there are no early repayment penalties. Which means that you can make over- and underpayments and take pay holidays. You must be between the ages of 18 and 70 to be eligible for this mortgage plan.

Furness’ occasionally offers short term discounts. To find out if you this could be a best buy for you, fill out our form below.

The short term stepped three-year discount mortgage from Furness, available to first time buyers, movers, or those refinancing, gives you a certain percentage off of the SVR for the first year, a lower percentage off for the second year, and then again in the third. After the third year, you will simply be charged the SVR. This offer is for mortgages of ₤20,000 or more and you may borrow up to 90%. There is no application fee; however, if you completely repay your loan within the first three years, there will be a charge.

Furness offers three-year, five-year, and ten-year fixed rate mortgages. The three-year fixed rate mortgage means that you will receive a certain, lower interest rate for the first three years of your mortgage, followed by the SVR for the remaining years. This loan is available on requests for ₤20,000 to ₤250,000, or a maximum of 80% of the value of your home. There are application and arrangement fees. These requirements hold true for the five- and ten-year mortgages as well.

The Cashback Mortgage from Furness charges the Society’s SVR for the whole term. You will receive 5% cashback if you purchase a mortgage. If you are looking to re-mortgage, you will receive 4% cashback from the amount of the loan. This plan is available for loans of ₤20,000 or more, with a maximum limit of 95%. There is no arrangement fee; however, there is an early repayment charge if you completely repay your loan within the first five years.

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