Furness BS offers £1,500 cashback for first-time buyers

Money-Cash-20-Note-Currency-GBP-700x450.jpgFurness Building Society has launched a £1,500 cashback offer for first-time buyers borrowing at 95 per cent loan-to-value.

The offer is available on its five-year fixed rate priced at 4.5 per cent with no fees.

Loans are available up to £500,000 and borrowers can opt to pay back their mortgages over a term of up to 40 years.

The building society has recently introduced its 95 per cent LTV products in Scotland.

The lender also allows first-time buyers to add a family member to their mortgage agreement to help meet its affordability criteria.

Marketing and sales director Sue Heron says: “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.”

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