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Saffron BS launches 95 per cent LTV broker exclusive

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  • 17/06/2020
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Saffron BS launches 95 per cent LTV broker exclusive
Saffron Building Society has launched a broker exclusive range of 95 per cent loan to value (LTV) mortgages for first-time buyers.

 

The lender said the products would be available for a limited duration and are available fixed for either two, three or five-years and come with free valuations and no arrangement fee.

Gifted deposits are permitted and a joint borrower sole proprietor option is also available.

The two-year fix is at 3.07 per cent with a two per cent early repayment charge (ERC) for two years.

The three-year is at 3.17 per cent with three per cent ERCs for three years and the five-year deal is at 3.27 per cent with three per cent ERCs for the full term.

 

High demand

Demand has been high in June for high LTV mortgages with several lenders temporarily withdrawing their products to help manage service levels.

Nationwide Building Society also pulled back its in-branch offering to just 85 per cent today, citing concerns around negative equity.

Brokers have told Mortgage Solutions they understand the need for lenders to manage service, but hoped more lenders would rejoin the market to help spread the load.

Monmouthshire Building Society and Accord both launched products into the market this week.

Saffron BS said the move reinforced its aim to support first-time buyers who have been unable to save enough for a traditional-sized deposit and that it wanted to help brokers work with first-time buyers.

John Penberthy-Smith, chief commercial officer at Saffron Building Society, said: “The first-time buyer market offers huge commercial potential for brokers.

“These four products, designed to cater to first-time buyers’ unique needs, will help them to do just that.”

 

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