Standard Variable Rate Mortgage

• How much can I borrow?
• You can borrow up to 70% of the current property value or purchase price (whichever is lower). Your mortgage must be between a minimum of £30,000 and a maximum of £500,000.
• What deposit do I need?
• You will need a minimum of 30% of the property value or purchase price (whichever is the lower).
• How long will I pay this interest rate?
• This mortgage remains on the Standard Variable Rate terms for the life of the loan.
• At any time during the life of the mortgage, the applied rate will not go below a floor of 3.00%.

• Is there an arrangement fee for this mortgage?
• There is no arrangement fee for this mortgage.
• What happens if I pay my mortgage off early?
• There are no early repayment charges for this mortgage.
• Can I make additional payments to my mortgage?
• Yes, you can make unrestricted additional payments to this mortgage (capital repayments). They must be for a minimum of £500 in addition to the normal monthly payment.

• Is there anything else I should know?
• Not available for Buy-to-Let.
• Full repayment basis only.
• Other fees may apply. Please view our mortgage services fees and our mortgage valuation fees and ask us for the separate Key Facts Illustration for fees that will apply to your application.

Rates correct at time of going to print. Mortgage products are subject to availability.

This information does not contain all of the details you need to choose a mortgage. For full details please ask us for an illustration.

Member of the Building Societies Association. Saffron Building Society is authorised and regulated by the Financial Services Authority and is entered on the Financial Services Authority Register no. 100015.

Registered Office: Saffron House, 1A Market Street, Saffron Walden, Essex CB10 1HX. The main business of the Society is the provision of residential mortgages and retail savings products to new and existing customers.

Mutuals and Membership of Saffron

What is a Mutual?

A Mutual exists with the purpose of raising funds from its customers (members), in order to provide services to all members of the organisation. It is owned by its members and run for their benefit - it has no external shareholders, and, as such, is not driven to make large profits. Profits that are made are usually re-invested in the mutual - to keep the organisation secure and to pass benefits back to members.

What is a member?

We define our 'members' as anyone who has held a minimum of £100 with the Society for 12 months or more. Members also include our mortgage customers with over £100 on loan. To be a full (voting) member, you also have to be over 18 years of age. Being a member gives you a number of rights within the Society. For joint accounts it is the first named account holder who has membership status.

Why are members important?

Building Societies (all Mutuals) were originally set up to meet the financial needs of savers and borrowers in their communities. This core principle still stands today. To this day, Building Societies such as Saffron take direction from and seek involvement of those that they serve.

Members are the most important people in our business model; every decision we make is taken with our members' interests in mind. We seek feedback from our members regularly and act on your views where ever we can.

What are my rights as a member?

You are entitled to attend and vote at our AGM on a number of issues (election of Directors, and appointment of auditors, for example). You can also speak at AGMs, nominate Directors, or stand for a position yourself.

Members are also entitled to receive particular pieces of information from the Society, including the Society's annual Summary Financial Statement which details our accounts each year.

The BSA (Building Societies Association) have produced a clear summary of members' rights, which you can find here.