Furness offering 1.15% two-year discounted mortgage
Furness Building Society has launched a leading two-year rate undercutting virtually all of the fixed and tracker mortgages in the market.
The lender is offering a 1.15% mortgage and it has a two-year discount of 4.39% from its 5.54% standard variable rate. The overall cost for comparison is 5.2% APR.
This mortgage has a £999 arrangement fee and borrowers will need a 40% deposit to qualify. The minimum loan size is £20,000 and the maximum loans size is £500,000.
Early repayment charges apply for two-years and the lender will pay for the property valuation and legal fees if home-owners remortgage to them.
Aaron Strutt, product manager at Trinity Financial, says: “With all discounted variable mortgages there is a risk the lender can hike the rate at any time even if the Bank of England doesn’t increase.
“Furness’s rate is particularly low but borrowers don’t need to pay much more to lock into a fixed rate, especially if they have a 40% deposit.”
If you would like help to secure a leading mortgage, call Trinity on 020 7016 0790.
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