Saffron for Intermediaries has expanded first-time buyer eligibility across its owner occupied range and introduced a new five-year fixed-rate product within its lending into retirement proposition.

The mutual said the changes are designed to reflect increasingly complex borrowing profiles and to respond to broker feedback on criteria and product design.

FIRST-TIME BUYER ELIGIBILITY EXPANDED

First-time-buyers can now access products up to and including 90% loan-to-value across the full owner occupied range.

They will continue to have access to Saffron’s dedicated first-time-buyer products, including its joint borrower sole proprietor offering at up to 95% loan-to-value inclusive of fees, which carry no arrangement or valuation fees.

The lender said this would allow advisers to match product choice more closely to individual client circumstances, particularly where larger deposits are being used or where family support forms part of the structure.

NEW FIVE-YEAR FIX FOR LENDING INTO RETIREMENT

Saffron has also launched a new five-year fixed-rate product within its lending into retirement range.

For this product, affordability will be assessed using the customer’s pay rate rather than a stressed rate. The maximum term will be based on the applicant’s age at application and informed by Office for National Statistics data.

On joint applications, both incomes can be considered. This differs from the society’s retirement interest-only products, which assess affordability on the lowest surviving income.

The lender said the addition was intended to provide greater flexibility for borrowers in later life whose income structures and retirement plans may not fit standard criteria.

Tony Hall, head of business development at Saffron for Intermediaries, said: “These enhancements reflect our continued focus on adapting to the evolving needs of today’s borrowers.

“Whether it’s supporting First Time Buyers who are entering the market with more complex deposit structures, or making lending into retirement more achievable.

“Our aim is to ensure brokers have the flexibility and criteria support they need to place more nuanced cases with confidence.

“It also demonstrates our commitment to listening to broker feedback and evolving our proposition accordingly.

“By refining eligibility and introducing targeted product innovation, we are continuing to strengthen our Owner Occupied range in a way that reflects how modern borrowers earn, borrow and plan for the future.”