The mortgage is a 1.95% 3-year discount (the rate then reverts to Saffron’s standard SVR, which is currently 5.39%) with a max LTV of 60%.
It has no arrangement fee and is available for remortgage or house purchase.
Saffron is also offering the same deal at higher LTVs and rates: 2.29% to 70% LTV; 2.39% to 80% LTV; and 3.29% to 90% LTV.
Anita Arch, Head of Mortgage Sales, said:
“This sub-2% discount deal with no arrangement fee is ideally suited to borrowers wanting to remortgage. The remortgage market has remained subdued for some time and this deal gives homeowners an easy way to switch to an extremely competitive rate withvery low up-front costs.”
Data published by the CML confirms that in February this year remortgage lending decreased month-on-month with 21,500 loans advanced - down 16% on January and 14% down on February 2014. The value of those loans (£3.3 billion) also decreased month-on-month by 20% and was down 11% year-on-year compared to February 2014.
