Furness Building Society has launched the first phase of its mortgage transformation programme, aimed at improving access to lending for a wider range of homebuyers and landlords.

This includes updated criteria such as 95% loan-to-value (LTV) lending now available to those with complex income streams, day rate and fixed-term contractors, limited company directors, business owners with only one year of trading and professionals from day one of employment.

It also applies to those buying new build and shared ownership properties.

Furthermore, 80% LTV lending has been made available across the society’s regulated buy-to-let and holiday let mortgages, and 75% LTV lending is available on its short-term lending products.

Furness Building Society says that further enhancements are “set to be rolled out throughout the year”.

The society’s head of mortgage and broker strategy Jon Cartlidge says: “Brokers tell us they need lenders who understand the nuance behind today’s mortgage applications – and that’s exactly what our transformation project will deliver.”

“We’re reworking our criteria to give intermediaries and their clients more confidence when placing complex cases, without compromising on responsible lending.”