Changes affect buy-to-let, self-employed, contractor, first-time buyer, and owner occupier mortgages
Saffron for Intermediaries has announced a series of rate reductions across its mortgage product range, aiming to offer more options for borrowers.
The rate reductions for BTL products are designed to support both new and experienced landlords. The lender has also introduced a new option for expat landlords, featuring a fixed £2,500 arrangement fee – the first time Saffron has offered different fee structures on the same product. Notable adjustments include a decrease from 5.87% to 5.27% on the 75% loan-to-value (LTV) five-year fixed-rate BTL product, among others.
For self-employed individuals, Saffron has lowered rates on two mortgage products, offering more accessible options for those with only one year’s accounts. These changes include a reduction from 6.07% to 5.97% on the 80% LTV two-year fixed rate product.
Contract workers will also benefit from a rate reduction, with Saffron’s 80% LTV five-year fixed rate contractor product dropping from 5.37% to 5.17%.
First-time buyers benefit from lowered rates across several products, with reductions on 90% and 95% LTV products.
Lastly, Saffron has adjusted rates on owner occupier mortgages, including a significant reduction from 5.77% to 4.97% on the 90% LTV five-year fixed rate product.
“So far in 2024, we are seeing a more diverse range of borrower profiles than ever before and at Saffron, we are working hard to adapt and ensure that our product range reflects this variety,” said Tony Hall (pictured), head of business development at Saffron for Intermediaries.
“While keeping our rates as competitive as possible, we are also proud to offer products that can cater to borrowers that other lenders might shy away from. We look forward to working with brokers to help their customers take advantage of today’s new rates and products.”
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