- Competitive mortgage interest rates allow access to buy ‘A House You Can Call Yours’ as part of a new first-time buyer campaign
- Affordable housing is at a premium in the current market
- 5% deposit mortgages allow access for the 50% worried about affording a deposit
SAFFRON WALDEN, 10th MARCH 2020: Obtaining your first home has seemed almost impossible in recent years with the constant reminder that the UK lacks enough affordable homes. Higher private rents have also meant young people are unable to save a deposit for their first home. A recent study by homeless charity Shelter found that two-thirds (63%) of private renters hadn’t been able to save anything for a deposit on their own home.
Despite this, first-time buyer mortgages rose by 2.8% in October 2019, a total of 32,260 completions according to figures by UK Finance.
Saffron Building Society has launched the ‘A House You Can Call Yours’ campaign, which reinforces the building society’s aim to help first time buyers access mortgages that would otherwise be deemed unachievable.
As part of the campaign, Saffron has launched three updated first-time buyer mortgages, with competitive fixed rates for three to five years, that require just a five percent deposit. Good for those struggling to save – 50% of potential home buyers declared their biggest challenge was saving for a deposit.
Anita Arch, Head of Mortgage Sales at Saffron Building Society comments: “Although it appears that homes are unaffordable for first time buyers, there is still an increasing number borrowing in the UK – and they are still the largest number of new borrowers too. Some may deem a new home unaffordable, perhaps they have been unable to save for a deposit for a mortgage for instance. The mortgages for the ‘A House You Can Call Yours’ campaign, requires just a five percent deposit, makes that step so much easier for the first-time buyer and provide access to highly competitive interest rates too.”
A Family Support Mortgage from Saffron utilises a deposit from one or two family members as well as the additional option of a gifted deposit. Parents, aunts, uncles or grandparents who may wish to assist a loved one to buy a house they can call theirs. Relieving the pressure of saving for a deposit allows a quicker and more enjoyable buying experience. The combined deposit funds, when held in a Family Support Savings Account with Saffron Building Society for five years, offer access to a highly competitive interest rate which is then fixed for the five-year term.
Anita Arch continues: “It is not uncommon for parents, grandparents or family members to save, or have saved, a fund to assist their loved one to get on the property ladder. The Family Support Mortgage is a product designed to utilise this saved money as a gifted deposit – and provides access to a highly competitive interest rate. Helping a loved one to get their first home is one of the greatest gifts and we want to make that experience easier and more enjoyable for everyone.”
All three first-time buyer mortgages are available online, at www.saffronbs.co.uk or in branch. Saffron Building Society branches are located in Saffron Walden, Royston, Bishops Stortford, Brentwood, Colchester, Ware, Haverhill and Halstead.