Saffron Building Society has added products to its retirement interest-only range and cut rates on select offerings.
The new products include a 50 per cent LTV three-year fix at 3.67 per cent. This offering is within the lender’s retirement interest-only range, has a £999 arrangement fee and is also available at 3.37 per cent providing a Power of Attorney is in place.
Furthermore, the lender has reduced rates on the 50 per cent LTV three-year discount from 3.64 per cent to 3.44 per cent.
This deal is also in Saffron’s RIO range, has a £499 arrangement fee and is available at a lower rate providing a Power of Attorney is in place – 3.14 per cent.
The products mentioned above are for purchase or remortgage, include an ERC of 3 per cent, a 20 per cent penalty per annum on overpayments and a maximum loan value of £1m.
Saffron Building Society head of mortgage sales Anita Arch says: “We continually review the market to see where new opportunities are emerging for our broker partners.
“The retirement sector is definitely one area to keep an eye on in terms of new selling opportunities, as such we have redefined our RIO mortgage range to accommodate the increasing demand in this specialist area.”