Saffron Building Society has launched a new mortgage designed to help second and subsequent time buyers struggling to raise a deposit, take their next step on the housing ladder.
The Next Step Mortgage, which is available via Saffron For Intermediaries, has the following features:
- Available up to 95% LTV
- 5.99% rate fixed to 31/8/16
- No early repayment charges
- For house purchases up to £500,000
- £495 arrangement fee
- also available to third, fourth and subsequent time movers
Peter Izard, head of mortgages at Saffron Building Society, said: “Many second-steppers are being held-back from moving up the mortgage ladder because of difficulties raising a sufficiently large deposit. Our Next Step mortgage not only reduces the deposit requirement to just 5%, but it also offers a rate of 5.99% fixed to the end of August 2016 with no early redemption charges.
“This product should help unblock the log-jam building in the market and enable more people to make their next move.”
The Next Step Mortgage is being marketed via a panel of distributors which includes 3mc, AToM, Brightstar, Complete FS, L&G Network and Platinum Options.
Dale Jannels, managing director of AToM, said: “The Next Step Mortgage is a much needed addition to a housing market which is being held-back because of borrowers inability to raise sufficiently large deposits.
“This product offers a very practical solution to that problem and I particularly like features such as no early repayment charges.”