Saffron for Intermediaries has launched a 1.95% three-year discount mortgage with no arrangement fee up to 60% loan-to-value (LTV) for remortgage and purchase borrowers.
At 70% LTV the rate increases to 2.29%, rising to 2.39% at 80% LTV and 3.29% at 90% LTV.
Head of mortgage sales for Saffron Anita Arch (pictured), said the deal was ideally suited to remortgage borrowers.
“The remortgage market has remained subdued for some time and this deal gives homeowners an easy way to switch to an extremely competitive rate with very low up-front costs,” she added.
Statistics provided by property services firm LMS showed that remortgage lending completed in March was at its lowest level in two years.
In March, £3.3bn of gross mortgage lending was completed.
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.