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Saffron BS to withdraw select deals and launch products

  • 18/07/2023
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Saffron BS to withdraw select deals and launch products
Saffron Building Society will withdraw select retirement interest-only, self-employed, contractor and buy-to-let ranges at 5pm today.

According to a broker note, to secure products full mortgage applications will need to be submitted by 5pm today and decisions in principle should be submitted by midday to allow underwriters time to review referrals.

The lender will withdraw its five-year fixed rate retirement interest-only (RIO) power of attorney (POA) mortgage at 5.87 per cent and standard RIO deal 5.97 per cent at 50 per cent loan to value (LTV) respectively.

It will also remove its two-year tracker self-employed product at 60 per cent LTV at 5.09 per cent, and fixed deal at 80 per cent LTV at 6.77 per cent is also being temporarily withdrawn.

Saffron’s two-year contractor product at 4.99 per cent at 60 per cent LTV is being taken off the market.

On the buy-to-let side, its two-year buy-to-let product at 75 per cent LTV at 5.89 per cent, along with a duo of limited company and expat buy-to-let products are being temporarily withdrawn.

The lender added that tomorrow, it would be relaunching several products, including its joint borrower sole proprietor (JBSP) first-time buyer mortgage and fixed RIO rates at 60 per cent LTV.

This includes an owner-occupied product at 90 per cent LTV at 6.47 per cent with a £999 fee, along with a contractor product at the same LTV and fee priced at 6.67 per cent.

On the JBSP side, the lender will launch a five-year fixed rate at 95 per cent LTV at 6.67 per cent with no fee.

It will also add a RIO mortgage POA on a five-year fixed rate term at 60 per cent LTV at 6.27 per cent, and standard RIO product at 6.37 per cent.

Finally, there will be a limited company buy-to-let deal on a two-year term at 75 per cent LTV at 6.49 per cent and expat deal on a five-year term at the same LTV at 7.07 per cent.

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