Saffron Building Society has opened-up access to its popular 95 per cent LTV first-time buyer mortgage, to make it available via mortgage brokers based throughout England and Wales.
The First Time Buyer Mortgage, which was previously restricted to properties located in the East of England, is particularly suited to buyers making the transition from renting to home ownership, as it takes into consideration their previous rental payment history.
The product has the following features:
- Available up to 95 per cent LTV
- 5.99 per cent fixed rate to 31/08/2016 followed by 5.39 per cent SVR for the remaining term (the overall cost for comparison is 5.7 per cent APR)
- No early repayment charges
- Can be used for purchases up to a maximum of £500,000
- £495 arrangement fee (other fees may also apply)
Peter Izard, Head of Mortgages at Saffron Building Society said: “We’re delighted to have improved access to our 95 per cent LTV first-time buyer mortgage. This product, which has a competitive rate and no early repayment charges, is the perfect solution for buyers struggling to raise a large deposit.”
The First Time Buyer Mortgage is available via a panel of distributors which includes 3mc, AToM, Brightstar, Complete FS, L&G Network and Platinum Options. Brokers requiring further information about the new product range should, in the first instance, contact any of these distributors.
Andrew Montlake, Communications Director at Coreco, said: “This is an excellent deal for first-time buyers making the move from renting to ownership and it’s good to see a lender opening-up access to products at a time when some lenders have been withdrawing similar deals. I have no doubt it will be a popular move with brokers throughout England & Wales.”
Saffron For Intermediaries is the specialist intermediary lending channel of the Saffron Building Society, which markets a range of Special Situations mortgages designed for creditworthy borrowers being frustrated in their efforts to find a suitable mortgage via other lenders.
The Special Situations range includes mortgages for first-time buyers, next steppers, the self-employed, property investors and landlords refurbishing property, self builders, borrowers wishing to repair an adverse credit record, contractors and professionals.
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