February Product Updates from Saffron Building Society

24 February 2021

- Joint Borrower Sole Proprietor receives a boost with no arrangement fee and free valuation.
- NEW: Saffron launches a new Expat BTL 2-year fixed rate alongside the successful 5-year fixed with reduced arrangement fee

Saffron Building Society has today announced a selection of further product updates, to support brokers and their clients in 2021.

FIRST TIME BUYERS – Joint Borrower Sole Proprietor: Seen as a lifeline for struggling first-time buyers, the Joint Borrower Sole Proprietor mortgage has become even more accessible from today as the society removes the arrangement fee and offers free valuation too. The JBSP offers the first-time buyer the opportunity to use a close family member to bolster their affordability chances. The family member will remain on the mortgage for a non-defined period until the homeowner’s situation improves, and they pass affordability – then the joint borrower is removed. The product relaunches today with a 95% LTV on a 5-year fixed rate of 4.17%. Saffron also accepts a gifted deposit on this, and all its mortgage products, from a close family member.

Expat BTL: Saffron’s successful BTL portfolio is being boosted with a new Expat BTL mortgage, launching today. The new, 2-year fixed rate product - which is available to countries outside of the EEA – offers a 75% LTV, and a fixed rate of 3.77%. As with all the society’s BTL products, these are available to first-time buyers and first-time landlords. The society has also reduced the arrangement fee for both the current Expat BTL 5-year and the new 2-year to just 1.5%.

Tony Hall, Interim Head of Mortgage Sales comments: “As a society we are always monitoring our products to make sure we are not only competitive but offer an array of mortgages that clients are requesting of their brokers. The JBSP is a hero product at Saffron, so we are delighted to have removed the arrangement fee and - in line with some of our other products - added free valuation too. The BTL range has seen a few changes already in 2021, and we are delighted to add a 2-year fixed Expat BTL product in this area. Our expat products are very successful, with a strong interest from the USA, Australia, and New Zealand. The next obvious step was a 2-year, and this is now available immediately for our intermediary partners.”

For more detailed information on these products, visit: www.saffronforintermediaries.co.uk or contact your business development manager who will be happy to discuss.