30 April 2010
Saffron Building Society launches five new mortgage products
- 3 new mortgages for first time buyers and remortgages
- 2 buy to let mortgages for landlords
- All mortgages are manually underwritten
- Saffron sees increase in overall mortgage lending
Saffron Building Society, the regional mutual serving East Anglia, today announces that it has launched five new mortgage products aimed at the first time buyer, remortgage and buy-to-let markets.
- Saffron has three new products that are available for first time buyers and those looking to move or remortgage
- Lifetime Tracker mortgage at 2.99% above base rate with a current rate of 3.49%, requiring a 20% deposit
- Lifetime Tracker mortgage at 3.49% above base rate with a current rate of 3.99%, requiring a 15% deposit
- 2 year fixed mortgage at 4.49% which requires a 20% deposit
- Saffron also has two new buy to let mortgages which have a maximum loan value of £500,000 and minimum of £50,000
- Buy-to-let 2 Year Tracker at 4.09% above base rate with a current rate of 4.59%, requiring a 25% deposit
- Buy-to-let 5 year fixed rate mortgage at 5.98%, requiring a 25% deposit
The new mortgages are available to new and existing members and, like all Saffron's mortgages, will be underwritten manually by Saffron's experienced underwriting team, whose skill has seen the Society deliver industry-leading arrears performance.
These products build on further good news for Saffron Building Society's mortgage offering. It saw the value of mortgage lending increase by 455% in Q1 2010 compared to Q1 2009, following a 131% increase in mortgage applications over the same period.
John Eastgate, Sales & Marketing Director of Saffron Building Society, comments, "As a regional building society serving a local community, we have been able to listen to our members needs and offer a set of mortgage products that gives them, and new members', the best value possible. We assess each individual application on its own merits rather than relying on credit scoring. This means that we are ideally placed to ensure borrowers get the best mortgage for their circumstances."
Saffron currently offers a wide range of mortgages for first time buyers and those looking to move or re-mortgage, catering for a wide range of individual circumstances. For an up-to-date overview, please go to www.saffronbs.co.uk/mortgages.
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