Saffron For Intermediaries, the dedicated broker channel of Saffron Building Society, has launched a limited edition 3-year fixed rate mortgage for first-time buyers.
The new product, which has no arrangement fee and will only be available for a limited period until the tranche of funding is fully allocated, comes with the following features:
• 3-yr fixed rate: 3.97% up to 95% LTV (until 31/5/19). The rate then reverts to Saffron’s standard SVR (currently 5.39%) after the fixed rate period has ended
• Arrangement Fee: None
• Early Repayment Charge: 3% until 31/5/19 (10% allowed p.a. penalty free)
• Loan size: Min £30K, Max £500,000
• Portable: Yes
Anita Arch, Head of Mortgage Sales, said: “We’re delighted to be launching this new fixed rate deal which has been specifically designed for first-time buyers, with no arrangement fee and the benefit of portability. Funding will be available for a limited period only and we’re anticipating strong demand from brokers and their clients.”
Saffron does not use credit scoring, preferring to use skilled underwriters who individually assess each mortgage application.