Saffron Building Society has widened access to its 95% LTV first-time buyer mortgage, to make it available via mortgage brokers based throughout England and Wales.
The First Time Buyer Mortgage was previously restricted to properties located in the East of England. It is aimed at buyers making the transition from renting to home ownership, as it takes into consideration their previous rental payment history.
The product has the following features:
- Available up to 95% LTV
- 5.99% fixed rate to 31/08/2016 followed by 5.39% SVR for the remaining term
- No early repayment charges
- Can be used for purchases up to a maximum of £500,000
- £495 arrangement fee (other fees may also apply)
Peter Izard, head of mortgages at Saffron Building Society said: “This product, which has a competitive rate and no early repayment charges, is the perfect solution for buyers struggling to raise a large deposit.”
The First Time Buyer Mortgage is available via a panel of distributors which includes 3mc, AToM, Brightstar, Complete FS, L&G Network and Platinum Options.
Andrew Montlake, communications director at Coreco, added: “This is an excellent deal for first-time buyers making the move from renting to ownership and it’s good to see a lender opening-up access to products at a time when some lenders have been withdrawing similar deals.
“I have no doubt it will be a popular move with brokers throughout England & Wales.”