Mortgages  

Saffron spices up loans

Saffron spices up loans

Saffron For Intermediaries, the broker channel of Saffron Building Society, has launched a range of low-cost remortgage products.

Anita Arch, head of mortgage sales at Saffron, said: “Remortgaging is on the increase, which is great news for brokers. But the sting in the tail with many remortgage products is that they come with hefty up-front fees, which is a disincentive for borrowers.

“We not only wanted to offer low rates, but also no arrangement fees and a cashback that, in the majority of cases, will cover the cost of typical valuation and legal fees.”

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Key features

■ Two-year discount rates: 1.49 per cent to 60 per cent LTV, 1.59 per cent to 80 per cent LTV and 2.29 per cent to 90 per cent LTV

■ Three-year discount rates: 1.89 per cent to 60 per cent LTV, 1.99 per cent to 70 per cent LTV, 2.19 per cent to 80 per cent LTV and 2.99 per cent to 90 per cent LTV

■ Rates revert to Saffron’s standard SVR (currently 5.39 per cent) after the discount period has ended

■ No arrangement fees and £800 cashback on completion.

Adviser view

Dan Clayden, director of Devon-based Clayden Associates, said: “This Saffron deal sounds pretty competitive, and now that interest rates may not be going up as soon as we anticipated, a two-year discounted rate may be appealing to a lot of people.”