Furness Building Society opening up 90 per cent loan-to-value lending to brokers across England, Scotland and Wales from Monday.

During the pandemic, the Cumbrian-based mutual restricted its 90 per cent LTV deals to borrowers with LA postcodes to focus on its heartland.

The new, more accessible deal will be a two-year fixed rate at 3.49 per cent, with a £999 fee for first-time buyers, home movers and remortgages.  

It comes with free legals and a standard valuation on remortgages in England and Wales, while in Scotland it is offering a contribution of up to £150 towards conveyancing.

Local borrowers with an LA postcode qualify for a lower rate of 3.39 per cent with no fee.

Head of intermediaries Alasdair McDonald says: “We are delighted to be able to lend at 90 per cent LTV on a UK wide basis again. 

“We’ve got some fantastic relationships with brokers in the high LTV market and it’s great to be able to go out to them with a competitive rate alongside our flexible and individual approach to underwriting cases.  

“As with all 90 per cent lending, we’re happy to look at new build houses, gifted deposits from close family and of course, our joint applicant, sole borrower proposition.

“Throughout the pandemic, we’ve worked hard to be there for brokers and it hasn’t been without challenges.

“As a mutual, it’s also important for us to keep our local proposition going for customers living close by.”