"The JBSP is a hero product at Saffron, so we are delighted to have removed the arrangement fee and - in line with some of our other products - added free valuation too."
Its five-year fixed rate joint borrower sole proprietor product relaunches today at 4.17% up to 95% LTV, and now comes with no arrangement fee and a free valuation. The JBSP offers first-time buyers the opportunity to use a close family member to bolster their affordability chances. The family member will remain on the mortgage for a non-defined period until the homeowner’s situation improves, and they pass affordability – then the joint borrower is removed. Saffron also accepts a gifted deposit on this, and all its mortgage products, from a close family member.
Saffron’s buy-to-let portfolio is also being boosted with a new expat buy-to-let mortgage. The two-year fixed rate product - which is available to countries outside of the EEA – is available at 3.77% up to 75% LTV. As with all the society’s buy-to-let products, these are available to first-time buyers and first-time landlords. The society has also reduced the arrangement fee for both the current five-year product and the new two-year product to 1.5%.
Tony Hall, interim head of mortgage sales, commented: “As a society we are always monitoring our products to make sure we are not only competitive but offer an array of mortgages that clients are requesting of their brokers.
"The JBSP is a hero product at Saffron, so we are delighted to have removed the arrangement fee and - in line with some of our other products - added free valuation too.
"The buy-to-let range has seen a few changes already in 2021, and we are delighted to add a two-year fixed expat buy-to-let product in this area. Our expat products are very successful, with a strong interest from the USA, Australia, and New Zealand. The next obvious step was a two-year, and this is now available immediately for our intermediary partners.”
