The mutual has relaunched its limited company buy-to-let five-year fix
Saffron Building Society has completed its return to the mortgage market with a product relaunch and a number of product updates.
The mutual announced the relaunch of its limited company buy-to-let five-year fixed rate mortgage following the pause of its offering since last summer. The product’s return means that the lender is now offering a full complement of products across all its categories.
Saffron also announced rate reductions across a number of its fixed-rate mortgage products.
In addition to Saffron’s existing on-sale BTL products, the new limited company BTL is a five-year fixed rate of 5.47% for purchases and remortgages up to 75% loan-to-value (LTV).
For first-time buyers, the lender has launched two lower-rate FTB products – five-year fixed rates available at 90% and 95% LTV with 5.47% and 5.77% rates, respectively. Saffron has removed the arrangement fee and offers a free valuation on these products.
The FTB products also benefit from the acceptance of gifted deposits from a close family member, and the 95% LTV product is available on new build houses, with Saffron accepting new build incentives up to 5%, provided that the borrower puts down a 5% deposit.
Meanwhile, Saffron’s joint borrower sole proprietor product, which is a 95% LTV five-year fixed rate at 5.77%, allows close family members to help a borrower buy their own home. The maximum term is calculated based on the borrower’s age, not the supporter’s, so there is a potential 40-year term available.
Saffron also launched four lower-rate owner occupier products – two are five-year fixed-rate products with an LTV of 80% or 90% and rates of 5.07% and 5.77% respectively, and the other two are two-year fixed rate products with an LTV of 80% or 90% and rates of 5.37% and 5.77% respectively.
The building society’s green residential product also offers a rate reduction for homeowners who undertake works that improve the energy efficiency of their property. The two-year fixed-rate mortgage is available with an LTV of 80% and 5.37% rate.
The complete details of Saffron’s full product range reflecting the latest product updates are available online.
Tony Hall (pictured), head of business development at Saffron Building Society, said that the relaunch of the limited company BTL product has been in the pipeline for some time.
“We are delighted to be returning to the market with a complete range of products across all of our categories,” Hall added. “Our product portfolio has been created in light of the economic shift the country is witnessing, and to be able to offer products that help people onto the property ladder is what continues to drive us with our FTB products.
“I would like to personally thank brokers for their support over the last 12 months. We are entering 2023 with lots of exciting plans to help the industry during what will be another challenging year.”
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