A BUILDING society has joined an appeal for more new homes to be built in Barrow.

Furness Building Society said it would support local homebuyers with exclusive products, flexible affordability assessments and mortgages for new build properties.

It comes following BAE Systems' appeal for a greater supply of housing to accommodate the town’s expanding shipyard after winning a £3.95bn contract to build a new generation of nuclear-powered submarines.

BAE Systems said around 900 new homes a year will need to be built in the town every year as they add 5,000 new employees to their 12,000 strong workforce.

Furness Building Society is currently offering local buyers a 90 per cent loan-to-value fixed-rate at 4.89 per cent for two years. The organisation is also in the process of bringing a product to the market specifically for buyers of new build properties.

A recent report by Westmorland and Furness Council said there was a ‘significant undersupply of homes’ because predictions for housing requirements by its previous authorities had ‘underestimated the opportunities for growth’.

The report also said preparations were underway for a new local housing ‘that will facilitate future housing delivery across the authority area’.

Simon Broadley, chief commercial officer at Furness Building Society, said: “We understand the urge for more housing here in Barrow. The town is thriving and its economic outlook is strong, with opportunities for living and working in the South Lakes growing.

“As a Furness born and bred business, we’re committed to playing our part by providing attractive mortgages for local people, with our human-led, manual approach to underwriting helping affordability.

“We’re also investing in keeping our high street doors open at a time when a number of major banks are withdrawing from local towns.

“We know many are already struggling with the cost of living and a lack of housing will only increase this financial pressure.

"We’ve donated thousands of pounds to Barrow Foodbank to help address demand, but this will only go so far.

"We’re determined to do everything we can to make a positive difference to those living and working in our heartland.”