Saffron For Intermediaries, the dedicated broker channel of Saffron Building Society, has launched a new high loan-to-value (LTV) two-year fixed mortgage designed for first-time buyers.
The product is available at a fixed rate of 4.47 per cent that reverts to Saffron’s standard variable rate (currently 5.39 per cent) after the end of the fixed term.
The mortgage is available at up to 95 per cent LTV with no arrangement fee and a £500 cashback on completion.
The product is portable and the loan size range is £30,000 to £500,000 and the loan type is house purchase on repayment basis only.
There is an early repayment charge of 2 per cent until 31 August 2017.
Anita Arch, head of mortgage sales at Saffron For Intermediaries, said:
“CML data confirms that 46% of all new mortgages for house purchase are currently being taken by first-time buyers. Surprisingly, however, in the popular 2-year fixed rate category, less than a third of mortgages are available via brokers.
“This deal offers brokers an attractive package for their first-time buyer clients: a competitive 2-year fix up to 95% LTV, no arrangement fee, no overhanging redemption penalties and a £500 cashback on completion.
“There is only a limited tranche of funding for this product, which will be allocated on a first come, first served basis.”
