Remortgaging From Furness Building Society

Why Do People Remortgage From Furness Building Society?

Most Furness Building Society borrowers consider remortgaging when their initial deal period ends. Once a fixed or tracker rate expires, the mortgage typically reverts to Furness's standard variable rate, which is considerably higher than the introductory deals available from competing lenders.

Common motivations for switching include:

• Reducing the cost of borrowing — Furness's SVR is significantly more expensive than competitive fixed deals currently on the market
• Accessing equity — property values in Cumbria and the Lake District have appreciated, giving homeowners the chance to release equity for renovations, extensions, or other needs
• Simplifying finances — consolidating debts into a single lower-rate mortgage can make budgeting more straightforward
• Changing mortgage terms — adjusting the repayment term or switching between fixed and variable rates to better suit current circumstances

Furness offers a warm, personal service, but that should not come at the expense of paying more than you need to on your mortgage.

Furness Building Society's SVR and Current Rates

Furness Building Society's standard variable rate is currently around 7.65%. As a smaller Cumbria-based mutual, their SVR sits at the higher end of the range when compared to larger national lenders.

For a borrower with a £175,000 mortgage, the difference between Furness's SVR and a competitive two-year fix could be several hundred pounds each month. Over a full year, the savings from switching to a better rate can be substantial, easily running into thousands of pounds.

Furness may offer existing customers a product transfer to avoid a full remortgage. While this is a simpler route, their product range is limited by the size of the society, so it is always sensible to compare their retention offer with what the wider market has available.

How to Remortgage From Furness Building Society

The process of remortgaging away from Furness Building Society follows the same established steps as leaving any lender:

• Check your current deal details — confirm the expiry date of your Furness rate and whether any early repayment charges remain in force
• Value your property — an accurate valuation determines your loan-to-value ratio, which directly affects the rates you can access
• Compare deals broadly — look at offers from lenders across the entire market, not just what Furness offers through a product transfer
• Apply to your new lender — they will coordinate the repayment of your existing Furness mortgage
• Complete the legal process — a solicitor handles the transfer of the mortgage deed, and your new deal replaces the old one

You can generally start the remortgage process up to six months before your deal ends, securing a new rate without triggering early repayment charges.

Things to Check Before Leaving Furness Building Society

Before proceeding with a remortgage away from Furness, there are several practical considerations:

• Early repayment charges — if your fixed or tracker deal has not yet expired, leaving could trigger a penalty based on a percentage of the outstanding mortgage balance
• Exit fees — Furness Building Society may charge an administration fee for closing your mortgage account
• Rural property considerations — some properties in rural Cumbria may be classified as non-standard construction or be in areas where certain lenders restrict lending. A broker can identify lenders comfortable with your property type
• Credit profile — review your credit report before applying to new lenders to ensure there are no issues that could affect your application
• New lender incentives — many remortgage deals include cashback, free legal services, or free valuations, which can help offset the costs of switching

Why a Broker Helps When Remortgaging From Furness BS

Using a mortgage broker is especially valuable when remortgaging from a smaller regional society like Furness. A broker can search across the entire UK market, giving you access to hundreds of deals that you might not find on your own, including products only available through intermediaries.

Brokers manage the entire process, from comparing rates to coordinating with solicitors and the new lender. Many brokers do not charge the borrower directly, as they receive their commission from the lender.

If your property is in a rural part of Cumbria or has non-standard features, a broker with experience in the local market can steer you towards lenders who are comfortable lending on properties that others might decline. Similarly, if your income or employment situation has changed, a broker can match you with lenders whose criteria suit your current circumstances.