Saffron Building Society has dropped the geographical restrictions on its 95 per cent loan-to-value first-time buyer mortgage.
Previously, the deal was restricted to properties located in the East of England but now the building society has opened it up to mortgage brokers throughout England and Wales.
Saffron head of mortgages Peter Izard says: “We are delighted to have improved access to our 95 per cent LTV first-time buyer mortgage. This product, which has a competitive rate and no early repayment charges, is the perfect solution for buyers struggling to raise a large deposit.”
The mortgage is available through a panel of distributors which include 3mc, All Types of Mortgages, Brightstar, Complete FS, Legal & General Network and Platinum Options.
It is priced at 5.99 per cent for three years, followed by an SVR of 5.39 per cent, and there are no early repayment charges.
The mortgage can be used for purchases up to £500,000 and there is a £495 arrangement fee.
Coreco director Andrew Montlake says: “This is an excellent deal for first-time buyers making the move from renting to ownership and it is good to see a lender opening-up access to products at a time when some lenders have been withdrawing similar deals.”