Saffron Building Society has cut the rate on its Professional Mortgage by 1% to 4.99% and has also added mortgage advisers, IFAs and teachers to its list of qualifying professionals.
The Professional Mortgage, which has been specifically designed for professionals seeking higher LTV loans, includes the following features:
- Available up to 90% LTV
- 4.99% variable rate for 2 years (SVR – 0.4%)
- No early repayment charges
- Can be used for purchase or remortgaging up to £500,000
- 1% arrangement fee
- Available to bankers, accountants, actuaries, solicitors (including trainees), barristers, medical doctors, dentists, pharmacists, optometrists, vets, teachers, professionally qualified financial advisers and mortgage brokers
Peter Izard, Head of Mortgages at Saffron Building Society said:
“It isn’t just first-time buyers who struggle to raise a deposit. Young professionals at the start of their careers can suffer the same problem, which is why we’ve designed our Professional Mortgage with a higher LTV, competitive rate and no early repayment charges.”
The Professional Mortgage is available via a panel of distributors which includes 3mc, AToM, Brightstar, Complete FS, L&G Network and Platinum Options. Brokers requiring further information about the new product range should, in the first instance, contact any of these distributors.
Rob Jupp, Chief Executive of Brightstar Financial, Ltd said:
“Saffron really is fulfilling its promise to develop mortgages which address a number of ‘special situations’. Here’s an excellent example of a deal designed for creditworthy borrowers who may otherwise struggle to get a mortgage because of the difficulties of raising a deposit. What’s more, on nearly all of Saffron’s mortgages there are no early repayment charges – an excellent feature.”
Saffron For Intermediaries is the specialist intermediary lending channel of the Saffron Building Society, which markets a range of Special Situations mortgages designed for creditworthy borrowers being frustrated in their efforts to find a suitable mortgage via other lenders.
The Special Situations range includes mortgages for first-time buyers, next steppers, the self-employed, property investors and landlords refurbishing property, self builders, borrowers wishing to repair an adverse credit record, contractors and professionals.
Saffron For Intermediaries also has products for Everyday Situations, which cater for borrowers seeking straightforward and competitively priced mortgages.