Changes aim to make borrowing more accessible and affordable for a wider range of clients
Saffron for Intermediaries and LendInvest Mortgages have both announced significant updates to their mortgage offerings to better accommodate a diverse range of borrowers.
Saffron has rolled out major changes across its product range, including enhanced criteria for assessing income and affordability for applicants with pension and investment pots, enabling the lender to offer more competitive lending terms without relying on life expectancy calculations.
The mutual has also raised the loan-to-value (LTV) limit for foreign nationals on visas to 90% from 75%, now accepting spousal visas and pre-settled status without requiring a minimum remaining visa term.
For buy-to-let, Saffron has reduced its interest coverage ratio (ICR) requirement to 110% from 125%, aiming to ease affordability constraints for landlords.
Tony Hall (pictured left), head of business development at Saffron for Intermediaries, emphasised the importance of broker feedback in shaping these changes.
“We know that clients’ needs are becoming more complex and varied, and we believe in giving brokers the tools to meet those demands,” Hall stated, adding that the latest adjustments are just the first in a series aimed at supporting more complex cases.
In a similar development, LendInvest Mortgages has made updates to its residential mortgage products, expanding eligibility criteria and reducing rates.
The lender has broadened its list of qualified professionals and key workers eligible for its mortgages, now including psychologists, social workers, prison officers, teaching assistants, and university lecturers.
Moreover, LendInvest has introduced greater flexibility by disregarding satisfied communications and utility debts under £250 per applicant, in a bid to make its products more accessible.
LendInvest has also reduced its residential mortgage rates by 15 basis points (bps) on two-year fixed term products and by 10bps on five-year fixed term products.
“By lowering our rates and expanding our eligibility criteria, we are ensuring that more people can benefit from our tailored mortgage solutions,” said Paula Mercer (pictured right), head of sales at LendInvest.
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