The Saffron Building Society is offering new mortgage products.
This mutual says its mortgage options will be of particular interest to the following:
- Existing landlords who want the security of a competitive fixed rate
- First time buyers who have a limited deposit
- Existing homeowners who are either moving house or looking to remortgage an existing property
New five-year fixed rate buy-to-let
A fixed rate product with rental cover being assessed at pay rate
Rate: 2.87% fixed until 31.12.2023 to 75% LTV
Arrangement fee: 2%
Early Repayment Charge (ERC): 3% for 5 years (Flexibility with overpayments)
Loan: Min loan £30k, Max loan £1m
Term: 40 years
Purpose: For purchase or remortgaging
Maximum Age: No maximum
Rental cover:
- Purchase or remortgage with additional borrowing 140% of pay rate
- Debt for debt remortgage 125% of pay rate
Regulated BTL: Accepted
Minimum income: None
First Time Buyer (FTB) product
A reduced fixed rate products aimed at people buying their first home, who have a limited deposit.
Rate: Now 3.57% fixed until 30.11.2021 (was 3.77%) to 95% LTV
ERC: 3% for 3 years (Flexibility with overpayments)
Rate: Now 3.87% fixed until 30.11.2023 (was 3.97%) to 95% LTV
ERC: 3% for 5 years (Flexibility with overpayments)
Arrangement fee: None
Loan: Min loan £30k, Max loan £500,000 (Up to £1m within the M25 subject to max 90% LTV and underwriter assessment)
Term: 40 years
Purpose: For purchase or remortgaging
Maximum Age: No maximum
Owner Occupier (OO)
Fixed rate products for existing homeowners who are either moving home or looking to remortgage an existing property, who want to benefit from a fixed rate
Rate: 2.27% fixed until 30.11.2020 to 80% LTV
ERC: 2% for 2 years (Flexibility with overpayments)
Rate: 2.57% fixed until 30.11.2023 to 80% LTV
ERC: 3% for 5 years (Flexibility with overpayments)
Rate: 2.57% fixed until 30.11.2020 to 90% LTV
ERC: 2% for 2 years (Flexibility with overpayments)
Arrangement fee: £999
Loan: Min loan £30k, Max loan £1m up to 80% LTV, £500,000 above 80% LTV
Term: 40 years
Purpose: For purchase or remortgaging
Maximum Age: No maximum
Interest only up 70% LTV
Manual underwriting