It increases maximum loan sizes and revamps range with lower rates
Saffron for Intermediaries has announced several changes to its mortgage products, including rate reductions and maximum loan size increases.
The mutual has reduced rates across its range, including on residential, self-employed, contractor, and buy-to-let products. Residential products have seen reductions of up to 70 basis points, with five-year fixed rates at 80% loan-to-value (LTV) starting at 5.77%.
It has also increased the LTV on products in its retirement interest-only mortgage range and introduced a new LTV band of 90% on its first-time buyer range. The enhanced LTV on its retirement interest only mortgages is now 60%.
In addition, the lender has raised the maximum loan size on its self-build large loan and residential large loan products.
It has also announced that it has launched a new product category – residential large loan – for which it will source up to £5 million at as much as 80% LTV.
The move, Saffron said, is the latest in a series of upgrades, designed to support more complex borrowing requirements and make it a leader in the larger loan market.
“At Saffron, we pride ourselves on working closely with brokers to understand exactly what they want and need, reflecting these conversations in frequent enhancements to our product criteria,” Tony Hall (pictured), head of business development at Saffron for Intermediaries, commented. “We know that placing larger loans can often be a challenge, and so, we are delighted to increase our maximum loan sizes today.
“This aligns with the enhancements to our self-employed product range announced in September, helping to ensure that we provide a well-rounded offering in the complex lending space.
“Today’s developments are just one way that we aim to help brokers to support borrowers who might not fit into traditional lending criteria. We are excited to help as many people as possible achieve their dream of homeownership.”
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