A Cumbrian building society has launched a new mortgage product aimed at apprentices.
Furness Building Society said products were available with deposits starting from a minimum of 5%, increased cashback of £1,000 and a series of criteria updates making securing a loan easier for apprentices in CA, LA, FY and PR postcodes.
The enhanced criteria include opening up applications for apprentices who have been in employment and with the same employer for a minimum of three months, rather than one or two years.
It added that 100% of regular overtime hours and bonuses would also be included in the income affordability assessment.
Jon Cartlidge, head of member and broker strategy at Furness Building Society, said: “Our heartland is home to thousands of apprentices and we want to support them by helping them take their first steps onto the property ladder.
“By increasing cashback, maintaining a lower deposit requirement and revising our eligibility criteria, we’re providing meaningful financial support when they need it most and making it easier for them to achieve their homeownership goals.”
