Good news for homeowners – Saffron Building Society has announced massive cuts to their mortgage rates, with some slashed by as much as 0.6%. This could mean significant savings for borrowers.

The biggest drop is on their five-year fixed-rate mortgage for those with a 20% deposit (80% loan-to-value). The rate plummets from 5.37% to just 4.77% – a 0.6% reduction! And the best part? The £1,495 fee remains unchanged.

Two-year fixes get a chop too!

That’s not all, two-year fixed-rate deals are also getting cheaper. Borrowers with a 20% deposit will see their rate fall by 0.3% to a much more manageable 5.27%. This deal comes with a £999 fee. If you’re looking to improve your home’s energy efficiency, the ‘retro fit’ two-year fix at 80% LTV is also dropping by 0.4% to 5.27% (with a £999 fee).

New deals for those with smaller deposits

Saffron is also introducing two brand new options for those with a 15% deposit:

• Two-year fix: This comes with a rate of 5.37% and a £999 fee.
• Five-year fix: For those seeking longer-term security, this deal comes with a rate of 5.47% and also carries a £999 fee.

Good News for Expat Buy-to-Let Landlords

Landlords haven’t been forgotten! Saffron is also reducing rates on its expat buy-to-let mortgages:

• Five-year fix: For landlords with a 25% deposit, the five-year fix is dropping by 0.2% to 5.67%. This deal has a £2,500 fee.
• Two-year tracker: This deal allows landlords to track the standard variable rate and is dropping by 0.1% to 5.99% (SVR -2.8%). There’s a £1,995 fee with this mortgage.