Saffron for Intermediaries has cut rates across three of its owner occupied and green residential mortgage products in order to aid brokers supporting clients in need of larger finance packages. The lender’s 80% LTV owner occupied products have been cut by 0.30%, with the two- and five-year fixes starting from 5.37% respectively. The maximum loan size sits at £3m for Saffron’s owner occupied mortgage range and £5m for its owner occupied large loan range. The lender has also reduced its green residential mortgage rate, with its 80% LTV two-year fix being repriced from 5.67% to 5.37%.

Fleet Mortgages has launched a range of new products and has cut pricing within its standard range. The lender has launched two new five-year fixed rate products, available up to 65% LTV. Product pricing for one is at 5.64% and comes with a fixed fee of £1,999 on a maximum loan size of £300,000, while the other starts at 5.84% with no product fee and a maximum loan size of £2m. Fleet has also cut rates on its 75% LTV standard five-year fixes by 15 bps. The no fee option is available from 5.94%, down from 6.09%, while the 5.34% product, which previously sat at 5.49%, has a 3% fee. Both products have a maximum loan size of £1m.

Dudley Building Society has completed a £1.4m self-build remortgage, in conjunction with self-build brokerage with Mayflower Mortgage and Finance. The £1.371m remortgage was for a Cotswolds-based property with a final valuation of £2.5m. The applicants borrowed 54.84% LTV on an interest-only basis, switching to capital and interest on completion of the build. The land was already owned by the applicants and an initial release of £400,000 was required against the current land value of £575,000. The build costs, along with an additional 20% contingency, totalled £1.68m, with the applicants’ savings covering the shortfall.

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