"We know that placing larger loans can often be a challenge, and so are delighted to increase our maximum loan sizes today."
Saffron for Intermediaries has raised the maximum loan size on its self-build large loan and residential large loan products in a revamp of its proposition.
Firstly, Saffron has lifted the maximum loan size to £4m, up from £3m, on its self-build large loan products.
Additionally, Saffron has launched a new product category – residential large loan – which it will source up to £5m at up to 80% LTV. The Society says sourcing to £5m provides brokers with certainty of interest rate at the point of sourcing which is not always the case where larger loan rates are bespoke.
Borrowers looking to take advantage of the extended maximum loan sizes can benefit from rates starting at 5.67% up to 80% LTV for a five-year fixed rate, with a two-year discounted product available at 6.09% (a 2.7% discount from SVR).
Meanwhile, the maximum loan on Saffron’s self-build large loan products has increased to £4m. A 75% LTV two-year product offers a 1.7% discount from SVR at 7.09%, while an 80% LTV two-year product is available at 7.27%.
Saffron has also reduced rates across its range, including on residential, self-employed, contractor and buy-to-let products. Residential products have seen reductions of up to 0.70%, with five-year fixed rates at 80% LTV starting at 5.67% and two-year fixes from 6.17%.
Elsewhere, Saffron has increased the LTV on products in its retirement interest-only mortgage range to a maximum of 60% LTV and introduced a new LTV band of 90% on its first-time buyer range, with a five-year fix available at 6.37%.
Tony Hall, head of business development at Saffron for Intermediaries, commented: “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. We know that placing larger loans can often be a challenge, and so 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.”
