Saffron launches 2.57 per cent five-year fix

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Saffron For Intermediaries is launching a limited edition five-year fixed rate mortgage for owner-occupiers.

The product’s rate is 2.57 per cent until 30 September 2021, then standard variable rate with a minimum of 2 per cent afterwards, up to 75 per cent LTV.

The loan is available for house purchase or remortgage, between £30,000 and £1m.

There is a £1,495 arrangement fee.

Overpayments of up to 10 per cent a year are allowed, and early repayment charges are 3 per cent of the outstanding balance during the fixed rate period.

Saffron head of mortgage sales Anita Arch says: “We’re delighted to be launching this highly competitive five-year fixed rate deal, which enables borrowers to lock into today’s low interest rates.

“Borrowers will also benefit from Saffron’s individual underwriting which is not dependent on credit scoring and intermediaries will receive a fast and efficient service.”

Saffron Building Society has also recently updated its affordability calculator to include up-to-date household spending data from the Office for National Statistics.