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Saffron BS relaunches 95% mortgage

Saffron Building Society has re-launched its 95 per cent mortgage for first time buyers who have been renting for 12 months or more.

The new product has a rate of 6.49 per cent which will be fixed until February 29 2016. It is available with a £195 arrangement fee.

The building society uses the buyer’s rental payment history, alongside more traditional underwriting factors like their disposable income, their ability to afford the mortgage and a standard credit history checks when deciding whether to advance the money with this product.

Saffron’s CEO Jon Hall says: “We know that there are many potential first time borrowers who are capable of supporting a mortgage as they have been paying these amounts in rent already, but are ‘frozen out’ of the market by the large deposits required.

“We steer clear of the ‘computer says no’ approach adopted by too many lenders; for example looking at affordability using rental history, not just income multiples. Our manual underwriting looks at each case individually to assess the affordability of the mortgage for the applicant, making it highly suitable for first time buyers.”


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