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Furness flexs base rate tracker

Furness Building Society has brought in the new flexible lifestyle mortgage.

Flexible lifestyle is a flexible tracker mortgage that is aimed at first time buyers and people who are looking to remortgage their homes. The mortgage is set to track the Bank of England base rate, with Furness guaranteeing that the mortgage’s rate will never be more than one per cent above the base rate. The mortgage’s current rate is 6.75 per cent.

The flexible features offered by the mortgage include overpayments, payment holidays, underpayments and lump sum withdrawals. Interest is calculated daily, while borrowers have a choice of making their repayments on a weekly, monthly, quarterly or annually basis.

Looking at the other base rate tracker flexible mortgages on the market, the Furness product is not that competitive. According to Moneyfacts the cheapest tracker rate mortgage linked to the Bank of England base rate is the six per cent flexible mortgage from the Derbyshire Building society, which offers the same flexible features as the Furness product. The Derbyshire mortgage will be the same rate as the base rate for the first year and after that is guaranteed not to be more one per cent above the base rate thereafter.

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