Furness Building Society

Furness Building Society is a mutual building society based in Barrow-in-Furness, Cumbria, that has been helping people buy homes since 1865¹. It is a mortgage and savings specialist rather than a full-service bank: it does not offer current accounts, credit cards or personal loans, and its business is built around residential mortgages, buy-to-let and holiday let lending, and savings accounts including fixed-term bonds¹. Its branches are in the North West of England².

The Society lends to a wide range of buyers that some larger lenders find harder to serve, including self-employed applicants, apprentices, older borrowers and people who need a short-term loan¹. It states that real people assess all mortgage applications and make decisions based on individual circumstances rather than an automated pass or fail³. It has joined the government's Mortgage Charter, which commits it to particular support for borrowers struggling with payments⁴.

Mortgages from Furness: who it lends to and the deals on offer

Furness describes its mortgage customers as including single buyers, couples and families, first-time buyers, remortgagers, self-employed applicants, landlords, holiday-let landlords, retirement borrowers and short-term borrowers¹. It offers a range of both discounted and fixed rate products, and it says these suit a variety of personal circumstances⁷. Because the Society carries no rates on this page, check its own site or ask a broker for today's figures.

Several groups are worth singling out. For first-time buyers, Furness looks at income, outgoings, deposit and credit history when assessing an application, and says there is no set deposit figure because the amount is influenced by many factors⁸. A joint mortgage with a retired parent is possible, though additional criteria apply⁹. Furness is not able to offer Help to Buy mortgages, and it is unable to offer Shared Ownership mortgages, so buyers using either scheme need another lender⁹.

For self-employed applicants, Furness assesses income differently depending on how the business is set up. For directors of a limited company it considers the applicant's share of company profit before tax as well as salary; for sole traders it uses declared profit on SA302s and tax overviews³. Where an applicant has an accountant, income can be proved through a suitably qualified accountant; without one, SA302s and tax overviews can be considered, subject to qualifying criteria and income level³. Joint mortgages are still available where one applicant is self-employed, with each borrower's income and outgoings taken into account³.

Apprentices can apply too. Furness states that apprentice applicants do not need to have been in employment for the usual 12 to 24 months: it will consider applications after just three months, and applicants need to have been with their current employer for at least three months⁸. More broadly, see the guide to mortgages for how lending works.

Buy-to-let and holiday let mortgages: who can apply

Furness lends on buy-to-let properties, but its criteria require applicants to already own their own home, either outright or with a mortgage¹¹. Applicants need a total earned income of at least £20,000 per annum, and the property must be in England, Scotland or Wales¹¹. The property cannot be a new build flat under five years old, and it must be let on an Assured Shorthold Tenancy of between 6 and 12 months¹¹.

There are portfolio limits. Where an applicant has multiple buy-to-let mortgages with another lender, the overall portfolio cannot exceed £2 million and 10 properties¹¹. The maximum number of holiday lets that can be mortgaged to the Society is 4¹¹.

Holiday let mortgages have their own criteria. Applicants need to already own their own home¹². Furness will lend up to a maximum of four holiday let mortgages per individual borrower, or eight properties between joint borrowers¹². Landlords remortgaging a rental property are directed to the buy-to-let team on 0800 781 4311⁷.

Borrowing later in life with Furness

Furness has a lending-into-retirement proposition for older borrowers, who it says also have access to its full range of standard mortgage products¹³. Interest-only mortgages in retirement have a minimum loan term of two years, and the borrower must repay the mortgage by the age of 80¹³.

For short-term needs, Furness offers short-term mortgage loans of up to two years¹⁴. You can browse current rates online using its short-term mortgage finder, then book an adviser appointment to assess eligibility¹⁴.

Existing homeowners with enough equity may be able to borrow more by remortgaging, for example for a home improvement project or an extension⁷. Under the Mortgage Charter, Furness customers also have the option to switch to an interest-only mortgage for a period of up to six months, or to extend their mortgage term⁴. To review equity-related options, Furness says to make an appointment by calling 0800 781 4311⁷.

Savings accounts, fixed-term bonds and ISAs

Furness offers savings accounts across the usual categories: everyday access accounts, fixed-term bonds, monthly income bonds, regular savers and accounts for children and students. Opening a bond makes the saver a member of the Society, as bonds are share accounts¹⁵. New customers can open savings accounts with as little as £1 under the Charitable Assignment Scheme¹⁶.

Fixed-term bonds lock money away for a set period. On the 5 Year Bond, no withdrawals or closures are allowed within the term, interest is calculated daily and paid on the anniversary, and the bond can be closed on the death of the investor with no notice or charge¹⁷. Transfers in from other Furness fixed rate products are not permitted on that bond¹⁷. The Regular Saver, also known as a Monthly Saver, is popular with those working towards a specific goal and allows one withdrawal within the account's term, though Furness is not opening new Regular Saver Accounts for a short while, and you can only open one⁶.

Everyday accounts are more flexible. The Student Savings Account allows withdrawals at any time without notice or penalty, in branch or by written instructions, with the passbook always presented¹⁸. Savings accounts do not usually come with a debit card, and Furness confirms it does not offer one on its savings accounts¹⁶.

Charges on savings accounts are limited, and Furness publishes a full list on its savings fees and charges page¹⁹. As examples of how charges work: a CHAPS fee applies when electronically transferring a large withdrawal, and this fee is waived at account maturity for withdrawals or closures on the 5 Year Bond¹⁷; a charge is made if a cheque credited to an account is later returned unpaid¹⁹. Check Furness's own pages for the current amounts.

How to apply: branch, phone, brokers and decision in principle

Mortgage applications cannot be made online: Furness states it is not able to offer online mortgage submissions²⁰. Instead, it works with a large number of brokers as well as having its own team of mortgage advisers, and appointments can be arranged at the customer's convenience²¹. For remortgaging, the first step is to call a member of the team on 0800 988 1551 for an initial chat, followed by an appointment with a mortgage adviser⁷.

Savings accounts can be opened through the Furness Savings app, on the website, at a local branch, by calling 0800 834 312, or by downloading and posting an application form¹⁷. If you open an account in branch or through the post, one form of identity verification plus one form of address verification is required¹⁶. Photocopies sent by post must be certified by a solicitor, accountant, authorised financial adviser, teacher, doctor, minister or post office master¹⁶. Further evidence may be requested if you change your address or have not used your account for over 12 months¹⁶. For a child under 16, acceptable documents include a current passport, an NHS medical card, an original birth or adoption certificate, a child benefit or tax credit document from the last three months, or a national insurance card for ages 16 and 17¹⁶.

Managing your account online, in the app and in branches

Furness re-launched its online savings services in July 2024²². The Furness Savings app and portal are available to savers, but you must already hold a savings account with Furness before registering for an online account²³. Registration criteria depend on whether it is your first Furness account, whether you registered online before, and whether you have accessed your accounts within the last two years¹⁵.

Withdrawals are made only to nominated accounts, which must be in your own name and pass an electronic check²². You can add and delete as many nominated accounts as you wish, but you cannot edit an existing one²². Online accounts can be closed at any time via the Close Account option under the Account Details section of the app or portal²³.

When funding an account or making a mortgage payment, the payee name must be the account holder's full name and the reference must be your 9 digit Furness account number²⁴. Electronic transfer payments are made under the Faster Payments Scheme, and a payment will normally reach the account no later than the end of the following working day¹⁶. Instructions received before 3pm on a working day are treated as received that day; money is available to the payee within one working day for electronic instructions, or within two working days where a paper-based authorisation is used¹⁶. Furness uses the Confirmation of Payee name-checking service on transfers into its accounts¹⁶.

Some accounts remain passbook-based. The Student Savings Account, for example, is managed in branch or by written instructions, and the passbook must be presented for any withdrawal or closure¹⁸. If a passbook is lost or stolen, no withdrawals will be made until a new passbook has been issued¹⁶.

Switching, porting and borrowing more on an existing mortgage

If your current Furness mortgage deal is ending in the next six months, Furness may be able to help you transfer to a new deal²⁵. Under the Mortgage Charter, customers on a fixed rate mortgage can switch to a new mortgage up to six months before maturity, and Furness will allow you to take advantage of a better like-for-like product that becomes available up to two weeks before your current product matures⁴. To switch, you receive a unique access code prior to maturity, usually four months before, and this code remains valid even if you have previously agreed a switch⁴.

If you are moving home and already have a mortgage product with Furness, you can take it with you to your new home: this is called porting²⁶. To keep the product, you need to complete your new mortgage within six months of repaying your existing mortgage¹⁰.

Existing Furness mortgage customers could be eligible to borrow more through its Additional Borrowing products⁷. If you need to borrow more on your existing mortgage, you can do this with a new mortgage product from Furness²⁶. See the mortgages guide for how remortgaging and further borrowing work generally.

Struggling with mortgage payments: the support available

Furness has a mortgage support hub and a member care hub for borrowers who are worried about payments². It can look at options such as pausing or reducing payments, extending the mortgage term, or creating a tailored repayment plan²⁷. Its stated support includes arranging a mortgage payment concession, an affordable monthly amount over a set period that is less than the normal payment; adjusting the terms of the mortgage to interest-only payments for a short period; or extending the mortgage term²⁸.

For borrowers in arrears, Furness says it may be able to change the way payments are made or the date they are made, extend the mortgage term to reduce monthly payments, change the type of mortgage, or help you sell your home if you can no longer afford the mortgage²⁹. It will provide a contact name and a freephone telephone number for a dedicated member of staff²⁹. If you are worried about paying all your bills, Furness asks you to complete a questionnaire, which a team member reviews before contacting you to discuss your situation²⁷.

Be aware of the consequences. Furness states that if you miss payments, the interest charged during the mortgage term, the amount owed in mortgage arrears, and your ability to borrow money or get credit in the future may all be affected²⁸. It provides information to credit reference agencies on a monthly basis²⁸. Free, impartial help is available from debt advice services before matters reach arrears.

Complaints and scam payment reimbursement

If you have a complaint, Furness asks you to contact your local branch or call 0800 83 43 12 or 01229 82 45 60, email furness.direct@furness-bs.co.uk, or write to Emlyn Hughes House, Abbey Road, Barrow-in-Furness, Cumbria, LA14 5PQ⁵. If the complaint is not resolved, you can escalate it to the Financial Ombudsman Service for further investigation³⁰. The ombudsman can award compensation if a complaint is upheld, and may also ask the company to compensate for distress or inconvenience³¹.

On fraud, Furness says that as it is not a clearing bank, some payments may show Royal Bank of Scotland as the payee³⁰. It only allows payments to your nominated account, which undergoes additional security checks³⁰. If you have been scammed, FSCS advises you to speak to your bank, building society or credit union, which can protect and reimburse victims of certain types of fraud, and to report it to Action Fraud³². Furness also asks customers to contact Action Fraud and the local police on 101³⁰.

Furness publishes rules on reimbursing authorised push payment (APP) scam losses. It states the reimbursement threshold is set at £85,000 per claim, and that it will reimburse within 5 working days of raising the claim, or up to 35 working days if the claim is deemed complex³⁰. Exclusions include payments made with cash or cheques withdrawn from the Society, claims involving gross negligence, first-party fraud, international payments, civil disputes, claims reported more than 13 months after the final payment, and payments made before 7 October 2024³⁰. Under Payment Systems Regulator requirements, APP fraud reimbursement covers payments made over Faster Payments and CHAPS³³. See the guide to scams and fraud for how these rules work across all banks.

FSCS protection for Furness savers

Savings with Furness are covered by the Financial Services Compensation Scheme¹⁵. An eligible depositor is entitled to claim up to £120,000, and a joint account held by two eligible depositors is covered up to £240,000 in total¹⁵. FSCS protects only money held by UK branches of authorised banks and building societies³⁴.

Some deposits are excluded from protection: if the holder has never been identified under money laundering requirements, if the deposit arises from money laundering transactions, or if it is made by certain types of firm such as a credit institution, financial institution, investment firm, insurance undertaking, collective investment undertaking, pension or retirement fund, or public authority¹⁷.

Furness Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority²³. It is on the Financial Services Register under registration number 159624⁵, which you can check on the FCA Register, and it appears on the Bank of England's list of building societies incorporated in the UK³⁵. If a protected firm fails, FSCS guidance explains how to find it and claim³⁴. See consumer protection for how the wider safety net fits together.