Saffron Building Society has announced that it has launched two new reduced rate mortgages aimed at those taking their first step onto the property ladder.
According to the lender, the new products offer some of the best rates in the market with all applications being individually assessed by a skilled underwriter giving an efficient and personal service.
The society is hoping that, with UK property prices drastically rising above wage growth in the last three years, the new mortgage options will be of particular interest to first-time-buyers who have a limited deposit or who have received a ‘Gifted Deposit’ from a parent or other family member.
The new products include a 3 year fix now at 3.07% and fixed until 31.07.22 (was 3.27%) to 95% LTV. ERC: 3% for 3 years with no arrangement fee. Min loan £30k, Max loan £500,000 (Up to £1m within the M25 subject to max 90% LTV and underwriter assessment).
The 5 year fix, now 3.37% fixed until 31.07.24 (was 3.47%) to 95% LTV at 3% for 5 years and also carrying no arrangement fee. min loan £30k, Max loan £500,000 (Up to £1m within the M25 subject to max 90% LTV and underwriter assessment)
The term for both products is 40 years with no maximum age restrictions and gifted deposits are accepted.
Anita Arch, Saffron Building Society’s Head of Mortgage Sales said: “We believe our new reduced rate mortgage products are just the boost First Time Buyers need. Home ownership in the current generation is much lower than the generation before – we want to help more people to take that initial step and get on to the property ladder. We are delighted to launch our two latest mortgage offerings to do just that”