"Borrowers’ needs, circumstances, and aspirations have undergone seismic changes due to the pandemic and ongoing cost-of-living crisis."
Saffron for Intermediaries has relaunched two and five-year fixed rate mortgage products for owner occupiers and self-employed borrowers at 90% LTV, alongside the relaunch of its contractor mortgage range.
Saffron has reintroduced its 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 two-year fixed rate mortgage at 6.67%.
Self-employed customers will now be able to apply both two and five-year fixed rates at 90% LTV, at 7.07% and 6.87% respectively.
In addition, Saffron is reintroducing its 80% LTV two-year fix product at 6.87% and a 60% LTV discounted option at 6.09% (SVR -2.7%).
Saffron accepts self-employed applicants with one years’ 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% (SVR -2.8%)
To apply for a contractor mortgage, applicants must have two years’ employment history and a minimum of three months’ contract history. Day one contractors will be considered on a discretionary basis with a minimum of one year of working experience in a similar industry.
Buy to let: standard and expat
Additionally, Saffron for Intermediaries has reintroduced its five-year fixed rate 75% LTV buy-to-let mortgage, alongside its two-year discounted 75% LTV buy-to-let and expat buy-to-let 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%.
Saffron’s expat buy-to-let 75% LTV five-year fixed rate product has also been repriced downwards, reduced 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.
Tony Hall, head of business development at Saffron for Intermediaries, commented: “The past three years have continually reminded us that one size does not fit all when it comes to lending criteria. 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, in which just under three-quarters of those surveyed confirmed that they believe that being self-employed acts as a disadvantage when applying for a mortgage. With this in mind, 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.”
