Safran issues new discounts for self-build products

The Saffron Building Society has launched a number of self-build products as part of its summer campaign.

Up to 75% LTV, the two-year fixed rebate up to £1 million now has an initial rate of 3.79%, and up to 80% LTV, the initial rate is now 3, 99%.

Up to 75% LTV for large loans – those between £1m and £2m – the initial rate for a two-year fixed discount is 4.49%, and the flavor of 80% LTV is 4 .69%.

The lender says these discounts were made “to absorb the standard increase in the floating rate imposed by the recent rise in the base rate”.

These self-build products also charge no application fee, which is usually £300, while the product fee has been reduced from 1% to 0.5%.

Tony Hall, Head of Mortgage Sales at Saffron Building Society, said: “I am delighted to be launching deals this summer with the biggest savings ever on self-built mortgages. By absorbing the increase in SVR by reducing rates, we are offering the two-year fixed rate at a discount throughout the summer, presenting a longer-term savings for the borrower.

“Combine that with reduced product fees and upfront savings by waiving the application fee, there’s never been a better time for self-build dreamers to swap out the sun hat for the hard hat.

“We are ready to support brokers and will provide plenty of information in the coming days, on our website and on our social media channels in the days and weeks to come.”

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