Saffron launches interest free product

Saffron has launched its lowest ever mortgage rate with 0% interest for the first six months.

The mortgage is particularly targeted at those who have recently divorced or separated and need some time to get back on their feet after moving house.

After the interest-free period the next 30 months are at the discounted rate of 0.7% off the SVR, currently equivalent to 6.39%.

For the remainder of the life of the loan it will stay at the SVR, which currently stands at 7.09%.

It is available up to 85% LTV between 50,000 and 500,000.

Andy Golding, chief executive of Saffron, says: This mortgage is designed to minimise a borrowers monthly mortgage payments at the start of the loan, making it ideal for those needing that little extra breathing space until they find their feet.

Anyone considering taking such a large financial decision as taking out a mortgage should always seek financial advice on which product meets their needs.