MARKET CONDITIONS LEAD SAFFRON TO WITHDRAW A NUMBER OF FIXED-RATE PRODUCTS TEMPORARILY

09 June 2023

• Saffron Building Society will be withdrawing all fixed rates across a number of its categories from 5pm on Friday 9th June

• Saffron notified brokers of this action just after 5pm on Thursday 8th June, adhering to its minimum 24-hour notice policy

8th June 2023

Saffron Building Society will be withdrawing all fixed rates across a number of its categories due to the current market conditions at 5pm on Friday 9th June.

To support brokers as much as possible, Saffron alerted its intermediary partners of this change over email just after 5pm on Thursday 8th June, giving their trusted partners 24 hours’ notice.

Tony Hall, Head of Business Development, Saffron for Intermediaries, said: “We know that removing products from the market can cause significant disruption for brokers and mortgage applicants alike. Under normal trading standards, we pride ourselves on offering brokers 48 hours’ notice of such changes, however, in these unforeseen circumstances, we are still committing to giving 24 hours’ notice. This is in an effort to pull out all the stops to offer the best possible service and mitigate the levels of disruption to brokers so that they have the opportunity to submit a case and secure the product. This commitment is likely to impact the business service levels so we ask that you bear with us while we work through the high volumes of activity that we will experience in the coming days.”

The following products will be withdrawn:

Category LTV Term Type Rate
First Time Buyer 90% 5 Years Fixed 5.07%
First Time Buyer 95% 31.12.2025 Fixed 5.87%
First Time Buyer 95% 5 Years Fixed 5.07%
JBSP 95% 5 Years Fixed 5.17%
Owner Occupied 80% 31.10.2028 Fixed 4.57%
Owner Occupied 90% 31.10.2028 Fixed 5.27%
BTL 75% 5 Years Fixed 5.87%
LTD Company BTL 75% 5 Years Fixed 6.07%
Contractor 80% 31.12.2028 Fixed 4.77%
Contractor 90% 31.12.2028 Fixed 4.87%

To secure the products listed above, brokers will need to submit a full mortgage application with all fees paid by 5pm on Friday 9th June. DIPs will need to be in by midday to give Saffron’s underwriters time to review any referrals, giving brokers the best opportunity of reaching the FMA stage ahead of 5pm.

Considering this announcement and the current market conditions Saffron will no longer be launching its 5.47% FTB five-year fix or 5.57% FTB JBSP five-year fix.

For more information on Saffron mortgage products, visit www.saffronforintermediaries.co.uk/products.

Alternatively, you can contact the Saffron Intermediary Support Team on 01799 582925 or your BDM Team with any specific questions.