Saffron For Intermediaries has launched a new two-year fixed rate mortgage for first time buyers.
It has the following features:
- 4.47% fixed until 31/08/2017, then reverts to Saffron’s standard SVR (currently 5.39%)
- Maximum LTV of 95%
- No arrangement fee
- £500 cashback on completion
- Early Repayment Charge of 2% until 31/08/2017
- House purchase on repayment basis only
- Minimum loan size £30,000, maximum £500,000.
Anita Arch, head of mortgage sales at the Saffron, said: “CML data confirms that 46% of all new mortgages for house purchase are currently being taken by first-time buyers. Surprisingly, however, in the popular two-year fixed rate category, less than a third of mortgages are available via brokers.
“This deal offers brokers an attractive package for their first-time buyer clients: a competitive two-year fix up to 95% LTV, no arrangement fee, no overhanging redemption penalties and a £500 cashback on completion.
“There is only a limited tranche of funding for this product, which will be allocated on a first come, first served basis.”