Saffron For Intermediaries has launched a new 2-year fixed rate mortgage for first time buyers with the following features:
- Rate: 4.47% fixed until 31.08.2017 (the rate then reverts to Saffron’s standard SVR, which is currently 5.39%)
- Max LTV: 95%
- Arrangement Fee: None
- Incentive: £500 cashback on completion
- Early Repayment Charge: 2% until 31.08.2017
- Loan type: House purchase on repayment basis only
- Loan size: Min £30K, Max £500K
- Portable: Yes
Anita Arch, Head of Mortgage Sales, said: “CML data confirms that 46% of all new mortgages for house purchase are currently being taken by first-time buyers. Surprisingly, however, in the popular 2-year fixed rate category, less than a third of mortgages are available via brokers.
“This deal offers brokers an attractive package for their fist-time buyer clients: a competitive 2-year fix up to 95% LTV, no arrangement fee, no overhanging redemption penalties and a £500 cashback on completion.
“There is only a limited tranche of funding for this product, which will be allocated on a first come, first served basis.”