Saffron for Intermediaries has made rate reductions across its complete product range and also introduced new options for its contractor and self employed products.
The changes are as follows:
Owner Occupied:
Saffron has reduced rates across four of its owner occupied products, including its large loan product, which caters for loans of up to £5 million with a 0.2% rate reduction. The full series of new rates includes:
- 90% LTV 5-year fixed rate down 0.1% to 4.77%
- 90% LTV 2-year fixed rate down 0.2% to 5.17%
- 80% LTV 5-year fixed rate Large Loan product down 0.2% to 4.27%
Contractor and Self Employed:
Rate reductions have been applied to eight products within Saffron’s contractor and self employed ranges, including a notable 0.6% reduction on its 80% LTV 2 and 5-year fixed-rate contractor products. The full series of new rates includes the introduction of the 85% LTV range, offering a lower rate for borrowers who don’t require a 90% LTV:
- 90% LTV 2-year fixed rate Contractor product down 0.3% to 5.97%
- 90% LTV 5-year fixed rate Contractor product down 0.3% to 5.57%
- 85% LTV 2-year fixed rate Contractor product now at 5.67%
- 85% LTV 5-year fixed rate Contractor product now at 5.37%
- 80% LTV 5-year fixed rate Contractor product down 0.6% to 5.07%
- 80% LTV 2-year fixed rate Contractor product down 0.6% to 5.47%
- 90% LTV 5-year fixed rate Self Employed product down 0.3% to 5.97%
- 90% LTV 2-year fixed rate Self Employed product down 0.3% to 6.47%
- 85% LTV 5-year fixed rate Self Employed product now at 5.67%
- 85% LTV 2-year fixed rate Self Employed product now at 5.97%
- 80% LTV 5-year fixed rate Self Employed product down 0.5% to 5.27%
- 80% LTV 2-year fixed rate Self Employed product down 0.4% to 5.67%
Professional Income Boost:
The rate reduction also includes the new professional income boost range released last month, with each product receiving rate reductions of 0.3%. These products are available to young professionals in selected industries who meet the relevant criteria, and could achieve a loan-to-income ratio of up to 5.5 times. The full series of new rates includes:
- 90% LTV 5-year fixed rate down 0.3% to 5.17%
- 90% LTV 2-year fixed rate down 0.3% to 5.57%
- 85% LTV 5-year fixed rate down 0.3% to 5.07%
- 85% LTV 2-year fixed rate down 0.3% to 5.47%
- 80% LTV 5-year fixed rate down 0.3% to 4.97%
- 80% LTV 2-year fixed rate down 0.3% to 5.37%
Saffron has applied rate reductions to its first-time buyer products, with its 90% LTV 2-year fixed-rate product seeing a 0.4% reduction, providing more accessible options for those making that first step onto the property ladder.
- 95% LTV 2-year fixed rate down 0.2% to 6.47%
- 90% LTV 2-year fixed rate down 0.4% to 6.07%
Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “After lowering rates in our owner occupied range last month, we’re excited to extend further rate reductions across our full product range, helping more borrowers access affordable options. With rate reductions of up to 60 basis points and the introduction of our 85% LTV range, those who need up to 85% LTV can now access even more affordable rates, ensuring they aren’t paying the same as customers requiring 90%, making homeownership more achievable for them.
“These moves not only ease the cost of buying or moving home but also reflect growing optimism in the mortgage market for new buyers, home movers, and those refinancing. With this, we continue to embrace the needs of different types of borrowers and remain committed to providing more tailored and affordable mortgage solutions for them.”
