It also relaunches contractor, BTL and residential products
Saffron for Intermediaries has announced a number of mortgage product changes, including enhancements in its self-employed range.
The mutual’s self-employed customers will now be able to apply for up to a 90% loan-to-value (LTV) product with both two- and five-year fixed rates at 7.07% and 6.87%, respectively.
Saffron is also reintroducing its 80% LTV two-year fixed rate product at 6.87% and a 60% LTV discounted option at 6.09%.
The lender accepts self-employed applicants with one year’s worth of accounts and projections for future earnings. Applicants with two years or more of trading accounts can access Saffron for Intermediaries’ full range of products.
Saffron for Intermediaries has also relaunched a range of mortgage products for contract workers, including 80% LTV two- and five-year fixed rate products, at 6.67% and 6.37% respectively, a 90% LTV two-year fixed rate product at 6.87%, and a 60% LTV discounted product at 5.99%.
Also getting reintroduced is the lender’s five-year fixed rate 75% LTV buy-to-let mortgage, alongside its two-year discounted 75% LTV BTL and expat BTL mortgages. The standard and expat two-year discounted products are priced at 6.09%, while the five-year fixed rate standard product has a rate of 6.47%.
The mutual’s expat BTL 75% five-year fixed rate product has also been repriced from 7.07% to 6.87%. Its expat buy-to-let products are available to expats living in all countries, except the Netherlands, and are available to first-time landlords.
Also relaunched are two- and five-year fixed rate residential mortgages at 6.47% and 6.17%, respectively. Residential borrowers will also be able to access a 90% LTV 2-year fixed rate mortgage at 6.67%.
“The past three years have continually reminded us that one size does not fit all when it comes to lending criteria,” commented Tony Hall (pictured), head of business development at Saffron for Intermediaries. “Borrowers’ needs, circumstances, and aspirations have undergone seismic changes due to the pandemic and ongoing cost-of-living crisis.
“As a result, our newly enhanced range of products and flexible lending criteria will help us serve all borrowers and those with more complex income sources as we prepare for the busy autumn period.
“One group of borrowers that has been particularly underserved by our industry’s lending criteria is self-employed professionals. Earlier this summer, Saffron for Intermediaries launched a campaign to spotlight the views and needs of this cohort. We’re particularly proud to extend our support at 90% LTV to this group, as we know that brokers and their clients value our flexibility in this area.”
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