17 March 2011
Saffron Building Society reveals increase in lending and savings
Following a 300% increase in mortgage lending in 2010 compared to 2009, Saffron has continued to expand its mortgage lending in 2011, more than doubling its lending volume in the first two months of the year.
Saffron's savings balances in 2011 have also defied industry trends with January and February balances seeing strong growth against last years figures.
Since the beginning of the New Year Saffron has launched a number of new mortgages - all of which have helped contribute to its significant growth. This includes the recent launch of a two year tracker mortgage offering a 1.99% interest rate and tracking 1.49% above the Bank of England base rate. The mortgage requires a 35% deposit and is available as a direct purchase mortgage to people within the Saffron branch area. This is in addition to the recent 95% mortgages exclusive to Taylor Wimpey for those buying Taylor Wimpey homes in our branch catchment area.
John Eastgate, sales and marketing director at Saffron Building Society said: "Our lending figures continue to see healthy growth through our focus on offering mortgage products to a broad range of customers including those with smaller deposits and offering exclusive mortgage deals to our local member base. We are committed to supporting the housing market in our region, and our common sense approach to lending, where we take each case on its merits, is clearly proving successful."
"We're bucking the national trend for savings balances and are delighted to see our savings balances grow in the first two months of this year. Our online e-saver and Goal Saver have contributed to this growth and we feel this is attributable to their top ten savings rate lifetime guarantee. We have also seen strong growth in our business account balances."
All offers are limited and Saffron Building Society reserves the right to withdraw product offers.
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