Saffron For Intermediaries, the dedicated broker channel of Saffron Building Society, has launched a new five-year discount mortgage at up to 90 per cent loan-to-value (LTV) to complement its Professional range.
The society’s Professional mortgage products are designed for qualified professionals such as doctors, lawyers, accountants or veterinarians.
Features of the latest deal include:
- Rate: 3.99 per cent 5-year discount. The rate then reverts to 4.39 per cent, which is Saffron’s standard SVR (currently 5.39 per cent) minus 1 per cent
- Max LTV: 90 per cent
- Arrangement Fee: £1,550
- Incentive: Borrowers can repay capital at any time and reduce their mortgage rate if they move into a lower LTV band, with no additional fee
- Early Repayment Charge: None
- Loan type: House purchase or remortgage on repayment basis only
- Loan size: Min £30,000, Max £500,000
- Portable: Yes
Anita Arch, head of mortgage sales, commented:
“We’ve listened carefully to feedback from brokers and have extended our professional range to include a 90% LTV deal. This will be particularly attractive to qualified professionals in the early stages of their careers, who have the ability to pay-down their debt as they continue to move up their chosen career ladder.
“Key features of all our Professional Mortgage deals include a tailored affordability calculator which includes a lifetime revert rate that is 1% below our standard SVR. Borrowers can also repay capital and benefit from a reduced mortgage rate, if their loan moves into a lower LTV band. There is no additional charge for this service.”
