Furness Building Society
Full Status 2 Year Discount MVR Stage Payment Mortgage: 4.74%

Full Product Details
Lender: Furness Building Society
Availability For self build, renovations, conversions and home improvements in England, Wales & Scotland
Benefits Available to employed, self employed and contract workers for purchase/remortgage.
Interest rate 4.74% for 2 years
Followed by Mortgage Variable Rate (MVR) currently 5.29%
Early repayment fee 3% for 2 years (transfer to incentivised product post build)
Loan size Up to 80% of land costs, up to 80% of the build costs subject to a maximum final LTV of 80% (England and Wales only). Up to 75% of land costs and up to 75% of the build costs subject to a maximum final LTV of 75% (Mainland Scotland) £20,000 - £300,000.
Minimum age 21 years for all applicants. Mortgage term must end before the youngest applicant’s 70th birthday.
Borrowing calculation The maximum borrowing is based on affordability taking account of the client's expenditure and regular commitments. If the borrower is staying in their current house during the build, or renting a property, this payment will be treated as a commitment.
Term Minimum 5 years Maximum 30 years.
Portable Yes
Repayment type Repayment (capital and interest), interest only or a combination of both. It is the borrower's responsibility to ensure that, on interest only mortgages, a means of repaying the loan at the end of the term is arranged.
Higher Lending Charge None
Valuation fee (based on the estimated final value of the property when completed)
Furness Valuation scale
Purchase Price/Estimated final value not exceeding (Inclusive of VAT and £150 admin fee)
£50,000 £120
£100,000 £145
£150,000 £170
£200,000 £195
£300,000 £230
£400,000 £280
£500,000 £335
£600,000 £425
£700,000 £485
£800,000 £545
£900,000 £605
£1m £665
£1.2m £785
£1.4m £910
£1.6m £1035
£1.8m £1155
£2m £1275
Re-inspection/stage inspection charge £62
CCJs and Defaults Not acceptable
Other fees Lenders Completion Fee £1500 - can be added to the mortgage account

Buildloan packagers fee: £695 (£95 payable on receipt of Agreement in Principle and £600 prior to Completion of Loan)

Additional Security Fee £1300 (estimate)
References/ Documentation required Proof of residence
If the applicant(s) have not been on the voters roll for 3 years they must produce 3 years proof of residency. The following proofs of residency are acceptable: 2 of the following, bank/building society statement, credit card statement or Council Tax statement driving licence (if not used as ID proof), utility bill – within last 3 months. Mobile telephone bills are not acceptable.

Documentation required

If employed: Latest 3 consecutive payslips plus latest computerised P60. For self employed applicants or company directors we will require 3 years accounts (certified/audited) or accountants reference covering a 3 year period.
Solicitor Requirements The applicant must have been employed on a permanent basis for a minimum of 12 months and 6 months in current position.

Self-employed applicants self-employed for a minimum of 3 years.

Each case is considered on an individual basis. Furness may request additional information where considered appropriate and relevant to the lending decision.
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