Saffron For Intermediaries has launched a limited edition three-year fixed rate mortgage for first-time buyers.

The new product is proceed at 3.97% up to 95% LTV (to 31/5/19). The rate then reverts to Saffron’s standard SVR (currently 5.39%) after the fixed rate period has ended.

There is an early repayment charge of 3% until 31/5/19 (10% allowed p.a. penalty free). The minimum loan size is £30,000 and maximum £500,000.

The deal has no arrangement fee and will only be available for a limited period until the tranche of funding is fully allocated.

Anita Arch, head of mortgage sales at the dedicated broker channel of Saffron Building Society, said: “We’re delighted to be launching this new fixed rate deal which has been specifically designed for first-time buyers, with no arrangement fee and the benefit of portability.

“Funding will be available for a limited period only and we’re anticipating strong demand from brokers and their clients.”