Saffron Building Society
Saffron Building Society was founded in 1849 as the 'Saffron Walden Second Building Society'.
Ove the years the Society has grown and merged with other smaller mutuals in the area and in 2006 became the Saffron Building Society. The Society now has branches across Hertfordshire, Essex and Suffolk.
Saffron offers a single interest-only retirement mortgage which they have designed for borrowers who want to continue their mortgage into retirement and are planning to downsize in the future and repay their mortgage at this point. The ‘Lending into Retirement Downsizing’ mortgage is a 3-year discounted rate mortgage which can lend up to 60% of the value of the property (the LTV).
The minimum loan size is £30,000 and the maximum £1,000,000 and there must be at least £150,000 of equity in the property.
You don’t have to be retired to take out Saffron’s ‘Downsizing’ mortgage but you can’t be more than 5 years from retirement. As with all other retirement mortgages, your income will be assessed and determine your eligibility and the amount that you can borrow.
Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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