Furness Finance Limited - Financial Freedom

Furness Finance Limited is a UK-based specialist lender focused on providing secured loans to homeowners. Established in 1997, the company has built a reputation for offering flexible and tailored lending solutions, particularly to borrowers who may not meet the strict criteria of mainstream lenders. Furness Finance is a subsidiary of Furness Building Society, leveraging the established financial institution’s stability and resources while maintaining its distinct operational focus.

The core of Furness Finance’s business lies in second charge mortgages. These loans are secured against a borrower’s property, ranking behind the existing first mortgage. This allows homeowners to access capital for a variety of purposes, including home improvements, debt consolidation, raising capital for business ventures, or covering unexpected expenses, without disturbing their existing mortgage agreement. The appeal of second charge mortgages lies in their potential to offer more competitive interest rates than unsecured personal loans, while also avoiding early repayment charges that may be associated with remortgaging.

Furness Finance differentiates itself through its manual underwriting process. Unlike many lenders who rely heavily on automated credit scoring, Furness Finance’s experienced underwriters assess each application on its individual merits. This allows them to consider the borrower’s circumstances, including past credit issues, self-employment status, or irregular income patterns, in a more nuanced way. This personalized approach enables Furness Finance to cater to borrowers who might be turned down by high-street banks due to automated credit scoring systems.

Targeting primarily homeowners with impaired credit histories or those seeking larger loan amounts, Furness Finance employs a network of intermediaries, including mortgage brokers and financial advisors. This intermediary-focused model allows them to reach a wider customer base and ensures that borrowers receive professional advice on whether a secured loan is the right financial solution for their specific needs. Working closely with these partners, Furness Finance aims to provide a seamless and efficient application process from initial enquiry to loan completion.

While offering solutions to a specific segment of the market, Furness Finance operates under strict regulatory guidelines set by the Financial Conduct Authority (FCA). This ensures that the company adheres to responsible lending practices, prioritizes customer protection, and maintains transparency in its loan terms and conditions. Furthermore, as part of the Furness Building Society group, Furness Finance benefits from robust corporate governance and a strong financial foundation.

In a competitive lending landscape, Furness Finance has carved out a niche by providing specialist secured loan products with a human touch. Their commitment to manual underwriting and working through intermediaries allows them to offer tailored solutions to borrowers who are often underserved by traditional lenders, solidifying their position as a significant player in the second charge mortgage market.