Peter Izard, Head of Mortgages for Saffron For Intermediaries, explains:
“2013 has been an excellent year for us and business levels have been significantly higher than anticipated. Against a target of £150m, we’re on course to hit £180m following the launch of our Special Situations mortgages in March this year.
“We have therefore made the decision to withdraw our existing Special Situations products in readiness for the launch of a refreshed range for 2014, which will go live later in the autumn. All pipeline business will be honoured, but until our 2014 range is announced we will not be accepting any further applications.
“These changes come into effect immediately and any new applications received after close of business tomorrow will be returned to the appropriate distributor.”
Doug Hall, director of specialist distributor 3mc said:
“I look forward with eager anticipation to reviewing Saffron For Intermediaries new products in due course. The Special Situations range has certainly been a great success and I have no doubt the Society has some interesting product ideas for 2014.
“The market needs lenders like Saffron For Intermediaries that are willing to innovate and develop solutions for those borrowers who are being largely ignored by other lenders.”
