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 (to 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.
Brokers can find further information about these fixed rates and Saffron’s other products and services by visiting: www.saffronforintermediaries.co.uk