"Under normal trading standards, we pride ourselves on offering brokers 48 hours’ notice of such changes, however, in these unforeseen circumstances, we are still committing to giving 24 hours’ notice"
According to the lender, the withdrawal of products is due to current market conditions and added that it will also no longer be launching its planned 5.47% FTB five-year fix or 5.57% FTB JBSP five-year fix.
Saffron's intermediary partners were made aware of the changes via email on Thursday evening, giving their trusted partners 24 hours’ notice.
The following products will be withdrawn:
For first-time buyers: First Time Buyer 90% LTV 5-year fix at 5.07%, First Time Buyer 95% LTV fixed until 31.12.2025 at 5.87%, and First Time Buyer 95% LTV 5-year fix at 5.07%
For joint borrower sole proprietors: JBSP 95% LTV 5-year fix at 5.17%
For owner-occupiers: Owner Occupied 80% LTV fixed until 31.10.2028 at 4.57% and Owner Occupied 90% LTV fixed until 31.10.2028 at 5.27%
For landlords: BTL 75% LTV 5-year fix at 5.87% and LTD Company BTL 75% LTV 5-year fix at 6.07%
For contractors: Contractor 80% LTV fixed until 31.12.2028 at 4.77% and Contractor 90% LTV fixed until 31.12.2028 at 4.87%
To secure the products listed above, brokers will need to submit a full mortgage application with all fees paid by 5 pm on Friday 9th June. DIPs will need to be in by midday to give Saffron’s underwriters time to review any referrals, giving brokers the best opportunity of reaching the FMA stage ahead of 5 pm.
Tony Hall, Head of Business Development, Saffron for Intermediaries, said: “We know that removing products from the market can cause significant disruption for brokers and mortgage applicants alike. Under normal trading standards, we pride ourselves on offering brokers 48 hours’ notice of such changes, however, in these unforeseen circumstances, we are still committing to giving 24 hours’ notice.
"This is in an effort to pull out all the stops to offer the best possible service and mitigate the levels of disruption to brokers so that they have the opportunity to submit a case and secure the product. This commitment is likely to impact the business service levels so we ask that you bear with us while we work through the high volumes of activity that we will experience in the coming days.”
