Saffron BS launches Next Step mortgage to help second-steppers

Saffron Building Society has announced the launch of a new mortgage designed to help second and subsequent time buyers struggling to raise a deposit, take their next step on the housing ladder.

Related topics:  Mortgages
Amy Loddington
10th April 2013
Mortgages
The Next Step Mortgage, which is available via Saffron For Intermediaries, has the following features:

- Available up to 95% LTV

- 5.99% rate fixed to 31/8/16

- No early repayment charges

- For house purchases up to £500,000

- £495 arrangement fee

- also available to third, fourth and subsequent time movers

Peter Izard, Head of Mortgages at Saffron Building Society said:

“Many second-steppers are being held-back from moving up the mortgage ladder because of difficulties raising a sufficiently large deposit. Our Next Step mortgage not only reduces the deposit requirement to just 5%, but it also offers a rate of 5.99% fixed to the end of August 2016 with no early redemption charges. This product should help unblock the log-jam building in the market and enable more people to make their next move.”

The Next Step Mortgage is being marketed 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.

Dale Jannels, Managing Director of AToM, said:

“The Next Step Mortgage is a much needed addition to a housing market which is being held-back because of borrowers inability to raise sufficiently large deposits. This product offers a very practical solution to that problem and I particularly like features such as no early repayment charges.”
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