Saffron Walden Hertfordshire and Essex Building Society

It was established in 1847 and is based in Saffron Walden. It operates 12 branches serving the local communities of Cambridgeshire, Essex, Hertfordshire, Suffolk as well as London. It is a mutual organisation, owned by its members not by shareholders. It offers a wide range of mortgage products for first time buyers, those already with mortgages and also helps with re-mortgages and loans. As of 2004 Saffron Walden Building Society had over £450 million in assets.

Saffron Walden Building Society provides 4 main mortgage types, they are:

• Fixed rate
• Tracker
• Discount
• Buy to Let

Fixed rate
Saffron Walden has two options, both have a fixed rate for a set period

Tracker mortgages
Your rate will follow an independent interest rate throughout the tracker interval. Saffron Walden BS rates follow the Bank of England base rate. You can choose between 5 different tracker rate mortgages.

• Lifetime tracker
• 2 year tracker mortgage
• Tracker mortgage
• Place in the sun re-mortgage
• Self build/major renovation mortgage

Discount mortgages
These types of mortgages offer a permanent discount off the Society's variable rate for a set interval. The rate you pay will change according to changes in the variable rate.

• Two year discount mortgage
• Three year stepped discount mortgage
  

Buy to Let
The Society has 3 main rate options with distinct start up fees and terms for each.

How Much Can I Borrow?
As a very rough guide, if you are a single applicant you can borrow up to 3.25 times your annual income. Joint applicants can borrow up to 2.75 time the joint annual income. However each case is different and assessed independently.

Like all mortgage lenders Saffron Walden BS will go with you through your personal financial record. How much you can borrow hinges around how much you can afford to pay back.

If you are self-employed Saffron Walden BS will ask you for previous accounts so that they can asses your net profit. These are the society's general guidelines, but they are always pleased to discuss your individual requirements.

Repaying Your Mortgage
There are two options: Capital Repayment or Interest Only

Capital Repayment Mortgage

• You repay the loan and the interest on it in equal monthly installments. Part of each month's repayment covers the interest on the mortgage and the rest of the repayment reduces the capital.

Saffron Walden BS recommends that you arrange a mortgage protection policy. This is an inexpensive way to make sure the mortgage is repaid in case of the borrower's death.

Interest Only mortgage

Only the interest on the loan is paid and the capital sum borrowed does not decrease. Usually you make a long term investment at the same time as taking out the mortgage which may produce a sufficient capital sum to repay the mortgage loan.

It is your responsibility to set up a suitable policy or plan and keep up payment of premiums to ensure that the proceeds will be adequate so that your mortgage is repaid. If the proceeds were inadequate to repay your mortgage, any shortfall will need to be paid from your own resources.

The maximum loan the society will provide you depends on the type of mortgage you select.

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