Saffron For Intermediaries, the dedicated broker channel of Saffron Building Society, has today launched a new 4-year stepped discount mortgage with the following features:
• Competitive stepped discount rates up to 90%:
Year 1: 2.09% (SVR-3.3%)
Year 2: 3.09% (SVR-2.3%)
Year 3: 4.09% (SVR-1.3%)
Year 4: 4.79% (SVR-0.6%)
Year 1: 2.39% (SVR-3.0%)
Year 2: 3.39% (SVR-2.0%)
Year 3: 4.39% (SVR-1.0%)
Year 4: 4.99% (SVR-0.4%)
• Max loan £1,000,000; min loan £30,0000
• Arrangement fee: £995
• ERC: 3% throughout the period of the discount
• The 80% LTV product is available for purchase or remortgage on an interest-only basis (interest only available subject to lending policy)
• The 90% LTV product is only available for purchase or remortgage, on a repayment basis only
• Fully portable
Anita Arch, Senior Business Development Manager at Saffron For Intermediaries, said: “The 90% LTV mortgage is an ideal mortgage for either first-time buyers or next steppers who have only a 10% deposit.
Whatever the purpose, the stepped discount ensures that repayments are kept to a minimum in the early years.”
Saffron For Intermediaries does not use credit scoring, preferring instead to let skilled underwriters assess each application on its own merits.
Brokers can access the new fixed rates via a panel of distributors, which includes 3mc, AToM, Brightstar, Complete FS, L&G Network, Platinum Options, tbmc and Vantage.