Saffron launches new 95pc LTV deals
The deal has no arrangement fee, 2% early repayment charges for two years and offers borrower £500 cash back on completion. It is available on a purchase and capital repayment basis only.
Loans are available between £30,000 and £500,000.
Anita Arch, head of mortgage sales at Saffron, said: “Council of Mortgage Lenders data confirms that 46% of all new mortgages for house purchase are currently being taken by first-time buyers.
“Surprisingly, however, in the popular 2-year fixed rate category fewer than a third of mortgages are available via brokers.
“This deal offers brokers an attractive package for their first-time buyer clients: a competitive 2-year fix up to 95% LTV, no arrangement fee, no overhanging redemption penalties and a £500 cashback on completion.
“There is only a limited tranche of funding for this product, which will be allocated on a first come, first served basis.”