Furness Building Societyhas unveiled a 95% loan-to-value 5-year fix at 4.50% with £1,500 cashback for house purchase.
Furness Building Societyhas unveiled a 95% loan-to-value 5-year fix at 4.50% with £1,500 cashback for house purchase.
The cashbackuspaid on completion, while 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, said: “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 allow a family member to join the mortgage.
Heron added: “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 is a great alternative to the traditional Bank of Mum and Dad.”
