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Updated: Saffron BS sees ‘unprecedented demand’ as 95 per cent LTV deals withdrawn

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  • 19/06/2020
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Updated: Saffron BS sees ‘unprecedented demand’ as 95 per cent LTV deals withdrawn
Saffron Building Society has withdrawn three of the broker exclusive products at 95 per cent loan to value (LTV) it launched this week after seeing a massive surge in enquiries and decisions in principle.

 

Its joint borrower sole proprietor deal is the only one remaining at 95 per cent LTV.

The lender put the four limited edition products for first-time buyers on the market just two-days ago, illustrating the demand for such products at the moment.

Earlier in the day Saffron announced it was withdrawing three deals at 5pm with decisions in principle (DIPs) needing to be submitted by that time.

These were the 3.17 per cent three-year fix and the 3.27 per cent five-year fix, along with a 90 per cent LTV five-year owner occupier deal at 2.77 per cent.

It had already closed applications for the two-year 95 per cent LTV fixes at 1.97 per cent for owner occupiers and 3.07 per cent for first-time buyers at the start of the day.

In a note to brokers, the lender said: “We thank you for your support and interest in the range and hope to have further products back on the market soon.”

 

‘Unprecedented demand’

Saffron has since declared that it “experienced unprecedented demand” in the products with interest from brokers far surpassing normal levels.

The mutual saw a 500 per cent increase in enquiries for the products, and a 1,622 per cent increase of daily DIP activity.

Chief commercial officer John Penberthy-Smith said: “We are delighted with the overwhelming response to our first-time buyer products and so happy to have been able to assist so many first-time buyers take the first step towards getting on the property ladder, especially in such an uncertain market.”

It is still offering its standard residential mortgage range at 80 per cent LTV, as well as targeted support for those who are planning self-builds.

 

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