Saffron For Intermediaries has launched a limited edition five-year fixed rate mortgage for first-time buyers.
The fixed rate is in addition to an existing three-year fixed rate for first-time buyers. It is priced at 3.97% and is available up to 95% LTV.
It comes with an arrangement fee of £495, with minimum and maximum loan amounts of £30,000 and £500,000 respectively.
Overpayments of up to 10% p.a. are allowed without penalty. It has an early repayment charge of 3% of the outstanding balance during the fixed rate period.
Anita Arch, head of mortgage sales at the dedicated broker channel of Saffron Building Society, said: “Five-year fixes have become increasingly popular, as borrowers want to lock-into today’s highly competitive rates before they start to rise once again.
“The five-year fix … not only offers first-time buyers an excellent rate, but also access to Saffron’s individual underwriting which is not dependant on credit scoring.”