New 95% mortgages for First Time Buyers

Saffron Building Society has opened-up access to its popular 95% LTV first-time buyer mortgage, to make it available via mortgage brokers based throughout England and Wales.

The First Time Buyer Mortgage, which was previously restricted to properties located in the East of England, is particularly suited to buyers making the transition from renting to home ownership, as it takes into consideration their previous rental payment history. The product has the following features:

– Available up to 95% LTV

– 5.99% fixed rate to 31/08/2016 followed by 5.39% SVR for the remaining term (the overall cost for comparison is 5.7% APR)

– No early repayment charges

– Can be used for purchases up to a maximum of £500,000

– £495 arrangement fee (other fees may also apply)

Peter Izard, Head of Mortgages at Saffron Building Society said:

“We’re delighted to have improved access to our 95% LTV first-time buyer mortgage. This product, which has a competitive rate and no early repayment charges, is the perfect solution for buyers struggling to raise a large deposit.”

Posted on April 19, 2013 by Peter Marriott, in: Industry posts

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