In This Article
Who are Furness Building Society?
Furness Building Society are a building society based in Barrow-in-Furness, Cumbria, England. The society was founded in 1846 as the Barrow Savings Bank.
In 1865, it changed its name to Barrow-in-Furness Provident Permanent Building Society, and then to Barrow-in-Furness Building Society in 1870.
In 1978, the society merged with the Lancaster Building Society, and adopted Furness Building Society.
Their mission is to help build a brighter future for their members and communities. They provide solution-based personal finance services that are tailored to meet customers’ individual needs and help them through life’s milestones—big and small.
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Furness Building Society Mortgages
Furness Building Society have been helping single buyers, couples and families in England, Scotland and Wales secure their homes since 1846.
They are committed to helping you find a mortgage that works for you and they understand that everyone has the right to a safe and secure home, which is why they do not credit score and take the time to assess each customer’s individual circumstances before agreeing to lend.
The Building Society offers an individual approach to underwriting and they believe in providing a personal service to help with placing even the most difficult cases.
Furness Building Society can lend on:
Residential mortgages
- Complex incomes/self-employed mortgages
- New build houses
- High Loan to value mortgages
Buy to let mortgages
- Regulated (Family) buy to let
Short term lending
While a short-term mortgage loan can act as an alternative to a bridging loan, the ideal scenario is still to buy and sell at the same time. Furness Building Society understand that plans can sometimes go wrong and offer short-term products to help you secure your next home before you have sold your current one.
Are Furness Building Society rates competitive?
Furness Building Society do not credit score and take the time to assess each customer’s individual circumstances, which means they have a more flexible approach to their underwriting.
They aim to be competitive based on the products they offer. However, there are many factors that should be considered when deciding if a lender is competitive. It is important to compare the initial interest rate, revert rate, fees such as application fee, arrangement, valuation fee and early repayment fee. You should consider whether the lender offers a product switch at the end of your initial rate and the quality of the lender’s service.
Can I remortgage with Furness Building Society?
If you are already a customer with Furness Building Society you may be able to transfer to a new mortgage deal if your current Furness mortgage deal is ending.
Furness Building Society will normally send a letter confirming your eligibility and how you can switch your mortgage, providing you do not want to change your mortgage amount, term, or repayment basis.
If you need to borrow more money, you can do so by increasing the amount of your existing mortgage.
There are many reasons why this could be a great option, such as making home improvements, helping your children with their home deposit, purchasing a new car, or paying off other debts.
A mortgage advisor can help you with switching your deal or can recommend another lender if they provide a more suitable rate/product.
An independent mortgage advisor can advise you on all products available in the market and can find the best option for you, which may not be staying with your current lender.
How long does it take to get an offer with Furness Building Society?
As Furness Building society do not credit score their mortgage underwriters take a little longer to assess each customer’s individual circumstances before deciding. Therefore, the average time to offer with Furness Building Society is around four weeks. However, this time may be longer for more complex deals.
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Declined a mortgage by Furness Building Society?
There can be many reasons why Furness Building Society would decline to offer you a mortgage. However, firstly, you should investigate why this was.
If the decline reason was due to adverse credit, you should check your credit profile with either Experian, Equifax or Check My File to ensure all the information on your profile is correct.
If the decline was due to criteria, based either on yourself or the property a new lender may still be able to still help, as they may have the risk appetite in that area.
Speaking with a mortgage advisor to review your situation may be your best option. The advisor may be able to help you find a new lender regardless of your situation or your credit profile.
Conclusion
Furness Building Society is a building society based in Barrow-in-Furness, Cumbria, England that was founded in 1846.
The society aims to provide solution-based personal finance services that are tailored to meet your individual needs and help you through life’s milestones—big and small.
They do not credit score and take the time to assess your individual circumstances before agreeing to lend. Today, their mission is to help build a brighter future for their members and communities.
Furness Building Society offers residential mortgages, buy to let mortgages, and short-term lending. They are competitive based on the products they offer and their quality of service.
If you are already a customer with Furness Building Society, you may be able to transfer to a new mortgage deal if your current Furness mortgage deal is ending. You may also be able to borrow more money by increasing the amount of your existing mortgage. A mortgage advisor can help you with switching your deal or increasing your borrowing and can recommend another lender if they provide a more suitable rate/product.
If Furness Building Society decline to offer you a mortgage, you should investigate why this was. Speaking with a mortgage advisor to review your situation may be your best option.
If you would like to speak to an expert mortgage advisor, please complete our enquiry form below and I NEED ADVICE will match you with a mortgage advisor based on your situation and who can review the whole market and recommend the right mortgage for you.
They are experienced, which can boost your chances of being approved.
