Furness Building Society Mortgages

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Last updated on 18 March 2021.

Furness Building Society Mortgages FAQ

Who are Furness Building Society?

Furness Building Society is a UK building society, based in Barrow-in-Furness, Cumbria. The building society was established in 1865, and has been serving the local community and customers in the UK as a whole ever since.

What types of mortgages are offered by Furness Building Society?

Furness Building Society offer a range of mortgage services for both new and existing customers.

New customers:

  • Moving Remortgages
  • First time buyer mortgages
  • home mortgages

Existing customers:

  • Mortgage switching service

What interest rates are available on their mortgages?

When comparing mortgages on interest rates, it’s helpful to understand that interest rates will vary over the lifetime of a mortgage. Even fixed rate mortgages have varying interest rates which kick in after the term’s initial period has expired.

To understand what the best mortgage for you is, you need to be clear on your attitude to risk and have a comprehension of your ability to make repayments when the interest rate on your mortgage rises.

Fixed rate mortgages are often considered a good choice for those that have a tight budget and want to know exactly what they are expected to repay each month.

Variable rate mortgages and tracker mortgages are usually said to be a better option for those with financial security, who can cope if their monthly mortgage rate rises. The decision to go for a variable rate mortgage is a trade-off. It’s all about balancing risk with reward. If you are happy to pay a higher rate of interest when the rate rises, you can also benefit when the rate falls. This means that, with variable and tracker mortgages, you are left to the whims of the market.

How does the size of a deposit affect the cost of a mortgage?

Today’s mortgage market offers everything from mortgages without a deposit to 60% loan to value mortgages (LTV). LTV is the amount you need to borrow in order to equal the value of the property you wish to purchase.

So, if the property you wish to purchase costs £250,000 and you put a deposit of £50,000 forward (20% is the most common deposit), your LTV will be 80%. This is because you’ll require a loan of £200,000, or 80% of the property’s value in order to move in.

When can I change to a better deal?

The timing for when you should look to remortgage to a better deal is everything, if you want to lower your monthly mortgage repayment.

It all depends on what type of mortgage deal you’re on: fixed rate, variable rate or tracker mortgage.

For those on a fixed rate deal, if your lender’s standard variable rate (SVR) is unappealing, you might want to remortgage to another fixed rate mortgage. Alternatively, if the Bank of England’s base rate is low, you might prefer to agree terms on a variable mortgage, as your monthly repayments can then be less than many lender’s SVRs.

Variable rate and tracker mortgage customers may think about remortgaging if the base rate is high. Switching to a fixed term deal can prevent your interest rate rising to levels you aren’t comfortable with.

In essence, remortgaging is an opportunity to stay in the introductory rate of a mortgage for longer. It’s perfectly possible to keep remortgaging when your introductory term is set to end, meaning you can consistently benefit from lower rates.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE