Saffron slashes rates

Sam Cordon

July 1, 2013

The Next Step mortgage has been reduced from 5.99% to 5.39% and is available up to 95% loan to value for loans up to £500,000.

The Buy to Let Light Refurbishment mortgage has been cut from 5.89% to 5.23% and is fixed for two years from completion. It is available up to 75% LTV of the end value of the property up to £500,000.

Peter Izard, head of mortgages at Saffron for Intermediaries, said: “We’re delighted to have reduced our rates on both of these products.

“The Next Step mortgage is ideally suited to borrowers wanting to move up the housing ladder who don’t have access to more than a 5% deposit. It has a completion fee of just £495 and has no early repayment charges.

“The Buy to Let Light Refurbishment mortgage is aimed at landlords buying property in need of refurbishments such as new kitchens, bathrooms, windows and roofs.

“Loans are available up to 75% of the end value (after all work has been completed) of the property.”

Andy Young, chief executive of specialist distributor TBMC, said: “It’s always welcome news when lenders reduce rates and I’m particularly delighted to see that the Saffron Building Society’s Light Refurbishment mortgage has been made even more competitive.

“This is an excellent deal for landlords wanting to buy properties with development potential and is ideally suited for today’s market, where there are good opportunities to buy property at the right price.”

Saffron For Intermediaries launched its ‘Special Situations’ range of mortgages in March this year, which has been designed to help borrowers find a suitable mortgage for their needs.

Products include deals for landlords, first-time buyers, those moving up the property ladder, the self-employed, borrowers with an adverse credit record, contractors, professionals seeking higher LTVs and people building their own homes.

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