Saffron For Intermediaries has launched a new four-year stepped discount mortgage.

Rates are as follows:

80% LTV                                                        90% LTV

Year 1: 2.09% (SVR-3.3%)                                    Year 1: 2.39% (SVR-3.0%)

Year 2: 3.09% (SVR-2.3%)                                    Year 2: 3.39% (SVR-2.0%)

Year 3: 4.09% (SVR-1.3%)                                    Year 3: 4.39% (SVR-1.0%)

Year 4: 4.79% (SVR-0.6%)                                    Year 4: 4.99% (SVR-0.4%)

(SVR: 5.39%)

The maximum and minimum loan amounts are £1,000,000 and £30,0000 respectively. There is an arrangement fee of £995.

There is an early repayment charge of 3% throughout the period of the discount.

Loans up to 80% are available for purchase or remortgage on an interest-only basis, subject to lending policy, while 90% LTV mortgages are only available on a repayment basis.

Anita Arch, senior business development manager at Saffron For Intermediaries, said: “The 90% LTV mortgage is an ideal mortgage for either first-time buyers or next steppers who have only a 10% deposit. Whatever the purpose, the stepped discount ensures that repayments are kept to a minimum in the early years.”

Brokers can access the new fixed rates via a panel of distributors, which includes 3mc, AToM, Brightstar, Complete FS, L&G Network, Platinum Options, tbmc and Vantage.