Furness Building Society has launched a new 70% LTV interest-only home loan.
The two-year fixed-rate product, available across the UK, has a pay rate of 4.70% for both purchases and remortgages up to £750,000.
The mutual says, as with all its residential mortgages, the offer comes with a £250 cashback, paid at completion.
Furness head of intermediary mortgages Alasdair McDonald adds: “We have introduced stepped rates to our two- and three-year product range.
“Our two- and three-year products will no longer immediately revert to our mortgage variable rate after the initial rate ends.
“Instead, following the initial rate, the products will now have a variable period at mortgage variable rate minus 1.25% before reverting to mortgage variable rate five years after the start of the mortgage.
He points out: “This new feature will help clients when undergoing affordability assessment, and with our ability to assess each case on its own merits, and also our competitive product range we feel we can offer your clients a solution to their needs.”