Saffron For Intermediaries, a brokerage part of Saffron Building Society, is targeting customers looking to remortgage with a new three-year discount deal.
The new offer comes at a 1.95 per cent rate, which reverts to Saffron’s standard variable rate (SVR) of 5.39 per cent after the first three years.
It is available at 60 per cent loan-to-value (LTV) and there is no arrangement fee.
Overpayments of up to 10 per cent are allowed and the maximum loan size is £1 million.
There are early repayment charges (ERC) of 3 per cent of the outstanding balance for the discount period of three years.
The offer is available for clients making a house purchase as well as for remortgagers.
Customers with smaller deposits can also make use of the new deal at different discount rates. The rate in the 70 per cent LTV range is 2.29 per cent, it climbs to 2.39 per cent for 80 per cent LTV loans and to 3.29 per cent for mortgages at 90 per cent LTV.
Anita Arch, head of mortgage sales at Saffron, commented:
“This sub-2% discount deal with no arrangement fee is ideally suited to borrowers wanting to remortgage. The remortgage market has remained subdued for some time and this deal gives homeowners an easy way to switch to an extremely competitive rate with very low up-front costs.”
