Saffron launches products up to 90% LTV
Saffron Building Society has launched a number of products up to 90% loan-to-value (LTV), available exclusively to brokers.
For first-time buyers (FTBs), the lender has launched two 90% LTV deals; the 2-year and 5-year fixed rate products offer a 3.77% and 4.07% rate, respectively.
In addition, the society has removed the arrangement fee and offer free valuation to support those struggling with upfront costs, and the FTB products also benefit from the acceptance of gifted deposits.
Two new limited company buy-to-let (BTL) products have also been added.
The 2-year and 5-year fixed rate mortgages, 2.87% and 3.47% respectively, include a maximum 75% LTV to limited company purchases and remortgages.
In addition, Saffron is reducing the rate on its everyday BTL 5-year fix down to 3.47%.
The three new BTL products are all being offered with a reduced arrangement fee, for a limited time only.
Furthermore, for existing homeowners, Saffron has added two new 90% LTV remortgage deals.
The products offer rates of 3.57% and 3.77% respectively and free valuation.
Tony Hall, interim head of mortgage sales at Saffron Building Society, said: “It is a pleasure to begin the new year with a tranche of new and updated products that not only expand our offering to intermediaries but have wider appeal to more clients as the market continues to shift in light of the pandemic.
“Our successful return to the 90% LTV FTB market in 2020 gave us the insight we needed to create a product that would offer those struggling with upfront finances a helping-hand on to the property ladder.
“Having re-entered the residential buy-to-let market at the end of 2020, we had always intended to return with a product for limited companies, and following feedback during our webinars with brokers, we decided now was the right time.
“These product launches continue to prove Saffron’s commitment to our network of brokers and ensure we remain competitive as a specialist lender too.”