Saffron for Intermediaries has announced the launch of a new, limited edition 5 year fixed rate mortgage this week, which is now available for owner occupiers at a rate of 2.57%.
This deal will be fixed until the end of September 2021 up to 75% loan to value (LTV), with a £1,495 arrangement fee which is available for loans between £30,000 and £1 million for house purchase and remortgages.
Proving a highly competitive rate that allows borrowers to lock into the currently low interest rates, Saffron’s latest offer provides the additional benefit of individual underwriting not dependent on credit scoring.
Additional payments of up to 10% a year are allowed, along with early repayment charges at 3% of the outstanding balance during the fixed term. This latest product from Saffron follows a similar limited edition deal for first time buyers, which came with a rate of 3.97% for a 5-year fix.
Islay Robinson, CEO here at Enness, described this new deal as “the best of both worlds”, seeing as flexible criteria usually comes at the cost of a discounted variable rate. You can see what else he had to say on Saffron’s latest product launch in the original article featured in the Financial Times, here.
Saffron is not the only lender to be applying changes to its product offering and paving the way for more flexible lending, however, as Kensington Mortgages also reduced its residential fixed rates and fixed completion fee from £1,999 to £999. 2 year fixed rates are now available at 3.74% up to 70% LTV with a 2% completion fee, or 4.24% for fixed rates with a £999 fee.
A range of fixed rates are also available up to 80% LTV, including a 2-year fix with a rate of 4.49% and a 2% completion fee, or 4.99% with a £999 fee. Kensington’s latest rate changes mark a part of the lender’s plans for growth in the near future.