Fixed Rate  

Saffron revamps five-year fixed rate mortgages

Saffron revamps five-year fixed rate mortgages

Saffron Building Society has launched a range of new fixed rate mortgages.

The new five-year fixed rate for buy-to-let investors is 2.87 per cent.

This is at 75 per cent loan-to-value (LTV), with a minimum loan of £30,000 and maximum loan of up to £1m.

Article continues after advert

Anita Arch, head of mortgage sales for Saffron Building Society, said: "We are delighted to bring these competitive, five-year fixed rate mortgage products to market to meet the needs of first-time buyers and the buy-to-let market.

"This is our latest offering in a long tradition of providing mortgages, which we feel are current, relevant and that fit our customers' requirements best."

For first-time buyers the building society offers a rate of 3.57 per cent,  which is fixed until the end of November 2021.

The rate, which was previously 3.77 per cent, is for a 95 per cent LTV.

It also has 3.87 per cent rate, which is fixed until the end of November 2023.

This was previously 3.97 per cent and is for 95 per cent LTV, with a minimum loan of £30,000 and a maximum loan of £500,000.

However, this goes up to £1m, if the home is within the M25 but is subject to maximum 90 per cent LTV and underwriter assessment.

For owner occupier loans, there are fixed rate products for existing homeowners who are either moving home or looking to remortgage an existing property.

The fixed rate is set at 2.27 per cent until the end of November 2020 or 2.57 per cent , which is fixed until the end of November 2023.

Both loans are for 80 per cent LTV.

There is also a rate of 2.57 per cent, which is fixed until the end of November 2020 on a 90 per cent LTV.

These loans carry an arrangement fee of £999, with a minimum loan of £30, 000 and a maximum loan £1m.

Kusal Ariyawansa, chartered financial planner at Manchester-based Appleton Gerrard, said: "These rates, especially the buy-to-let rate should be very popular.

"It is high time such rates and arrangement fees became mainstream."

aamina.zafar@ft.com