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First time buyer

So you’re looking to take the plunge and buy your first home? It’s an exciting time.

The good news is that we offer competitive rates and you’ll only need a minimum of 5% of the value of your new home as a deposit with our standard products or with our Joint Borrower, Sole Proprietor product. That can really help to get you on the property ladder and perhaps leave you with some money to spend on your new home.

Mortgages explained

At Saffron Building Society, we understand that sometimes mortgages can seem very confusing. But when stripped back to the basics, they’re quite easy to understand. That is why we have created a guide to mortgages that will help you make sense of the transaction you may be about to enter into and a step-by-step guide to applying for a mortgage.

First Time Buyer Key Product Criteria

  • Max LTV 95% inclusive of fees
  • Free Valuations
  • Gifted Deposits acceptable
  • Repayment only
  • Minimum age 21
  • Minimum loan size £30,000
  • Maximum loan size: £1,000,000 up to 90% LTV or £500,000 above 90% LTV 
  • Minimum mortgage term 5 years
  • Maximum mortgage term 40 years
  • We allow new build houses up to 95% LTV, new build flats restricted to 75% LTV

Joint Borrower, Sole Proprietor Key Product Criteria

  • Free valuation
  • Minimum age 21
  • Max LTV 95% inclusive of fees
  • Minimum loan size: £30,000
  • Maximum loan size: £500,000
  • Maximum of 2 owner borrowers
  • Maximum of 1 supporting borrower
  • The maximum age of the Supporter at application is 70 years
  • The supporting borrower must be a close family member*
  • The supporting borrower must be the last named applicant
  • The supporting borrower must be a residential owner occupier living in the UK
  • The supporting borrower cannot live in the property
  • The supporting borrower will not be named on the title deeds

To find out more about our JBSP product please contact us.

Your home may be repossessed if you do not keep up payments on your mortgage