The Saffron Building Society has reduced rates and extended terms on self-employed and contractor mortgages.
Self-employed mortgages, available to customers with one year’s trading accounts, are as follows:
- 3.07% fixed until 31.01.2022 Self Employed, 80% LTV
- 3.57% fixed until 31.01.2022 Self Employed, 90% LTV
Contractor mortgages, available to customers working on a contract basis, are as follows:
- 2.87% fixed until 31.01.2022 Contractor, 80% LTV
- 3.37% fixed until 31.01.2022 Contractor 90% LTV
Saffron’s ongoing review of market needs has prompted the Society to customise its mortgage offering in this sector to enable applicants to have increased options and access to competitive mortgage products.
Five-year fixed rates – self-employed:
- 3.07% (SVR-1%) to 80% LTV
- Min loan: £30K, Max loan: £1K
- 3.57% (SVR-1%) to 90%
- Min loan: £30K, Max loan: £500,000
- Arrangement fee: £999
- ERC: 2 % for two years
- Purpose: for purchase or remortgage
- Term: 40 years
Five-year fixed rates – contractor:
- 2.87% (SVR-1%) to 80% LTV
- Min loan: £30K, Max loan: £1K
- 3.37% (SVR-1%) to 90%
- Min loan: £30K, Max loan: £500,000
- Arrangement fee: £999
- ERC: 2 % for two years
- Purpose: for purchase or remortgage
- Term: 40 years
Anita Arch, the Saffron’s head of mortgage sales, said:”Long gone are the days of a job for life or income being generated from just one source each month. Self-employment and contract work is most definitely on the up with 4.8 million choosing to work this way according to the Office for National Statistics.
“This shift in working patterns gives a fantastic sales opportunity for brokers. Using a specialist lender is a proven way to successfully fulfil a customer’s mortgage needs when they choose to work like this and don’t necessarily fit into standard lending criteria.
“All applications made with Saffron are individually assessed by a skilled underwriter giving brokers customers an efficient and personal service taking into account what can sometimes be a unique employment situation.”
