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UPDATE: Saffron BS temporarily pulls fixed rates; Clydesdale withdraws new business deals – round-up

  • 09/06/2023
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UPDATE: Saffron BS temporarily pulls fixed rates; Clydesdale withdraws new business deals – round-up
Saffron Building Society has announced it will be withdrawing a range of fixed rate products due to current market conditions.

The mutual said it kept to its 24-hour notice period, by alerting brokers of this change at 5pm on Thursday. The products will be removed at 5pm today and brokers need to submit a full mortgage application plus fees by this time to secure outgoing products. 

The mortgages being withdrawn include the mutual’s five-year fix for first-time buyers at 90 per cent loan to value (LTV), with a rate of 5.07 per cent as well as a five-year fix at 95 per cent LTV, also for first-time buyers, at 5.07 per cent and a two-year fix equivalent priced at 5.87 per cent. 

A five-year fixed joint borrower sole proprietor (JBSP) deal at 95 per cent LTV at 5.27 per cent will also be taken off the market. 

Select contractor, buy-to-let, owner-occupier and limited company mortgages have also been pulled. 

The mutual has also taken the decision to scrap the launch of a five-year fix for first-time buyers priced at 5.47 per cent, and JBSP five-year fix priced at 5.57 per cent. 

Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “We know that removing products from the market can cause significant disruption for brokers and mortgage applicants alike. Under normal trading standards, we pride ourselves on offering brokers 48 hours’ notice of such changes, however, in these unforeseen circumstances, we are still committing to giving 24 hours’ notice. 

“This is in an effort to pull out all the stops to offer the best possible service and mitigate the levels of disruption to brokers so that they have the opportunity to submit a case and secure the product. This commitment is likely to impact the business service levels so we ask that you bear with us while we work through the high volumes of activity that we will experience in the coming days.” 


Clydesdale Bank pulls new business deals

Clydesdale Bank has also announced that it will be withdrawing all of its new business products as of 5pm today.

It will still offer product transfers to existing borrowers and mortgages will be available through Virgin Money as normal.

The bank will launch a new range on 13 June.

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