Saffron Announces Joint Borrower Sole Proprietor Mortgage for FTB
02 October 2019
October 2nd, 2019: Saffron Building Society’s commitment to supporting intermediaries and their customers has been boosted by the introduction of a joint borrower sole proprietor mortgage for first time buyers.
This new product is being offered at 3.47% fixed until 28.02.2025 with minimal upfront costs.
Saffron’s latest specialist mortgage gives first time buyers an additional option to step onto the property ladder by allowing a family member to assist with affordability. Their income can be considered alongside that of the borrowers to help cover a shortfall required to purchase the property.
In time it is expected the proprietor’s income will increase so they will be able to afford the loan in their own right. At this point, the ‘supporter’ may be removed from the loan.
Key Features
Rate: 3.47% fixed until 28.02.2025 (5 Years)
Maximum LTV: 95%
Arrangement Fee: None
Incentive: Free Valuation
Maximum Loan: £500,000
Anita Arch, Head of Mortgage Sales at Saffron Building Society said: “Many first time buyers are unable to meet affordability assessments for the loan they need. This new product allows a ‘supporter’ - such as a parent or grandparent - to use their income to cover any gap in affordability but without being an owner of the property and without incurring additional stamp duty.
Feedback from brokers tells us that there is increasing need for this type of product where an intergenerational approach provides a practical solution to getting more first time buyers into properties and the benefits this creates.”
Saffron is committed to providing relevant mortgage products for modern day living. Full product details can be found here with opportunity to submit a case via our online broker portal (https://mortgageapply.saffronbs.co.uk/Molregistration/).
If you have any questions please speak with our Business Development Mangers, who will be happy to help: Gemma Reynolds: 01799 582925; Holly Andrews: 01799 582885
