Saffron for Intermediaries has made a series of changes to its mortgage product offering, including improvements to its self-employed range.
Self-employed customers will now be able to apply for up to a 90% LTV (loan-to-value) product with both two- and five-year fixed rates, 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%).
These new products sit alongside Saffron’s existing on-sale self-employed products, completing a wide range of options available for self-employed borrowers.
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.
Additionally, Saffron for Intermediaries has reintroduced its 5-year fixed rate 75% LTV BTL (buy to let) mortgage, alongside its 2-year discounted 75% LTV BTL and expat BTL mortgages. The standard and expat 2-year
discounted products are priced at 6.09%, while the 5-year fixed rate standard product will have a rate of 6.47%.
Saffron’s Expat BTL 75% 5-year fixed rate product has also been repriced downwards, reduced from 7.07% to 6.87%, a 20 basis point decrease. Its expat buy-to-let products are available to expats living in all countries
(except the Netherlands) and are available to first-time landlords.
Saffron for Intermediaries has also reintroduced its 2- and 5-year fixed rate residential mortgages, at 6.47% and 6.17% respectively. Residential borrowers will also be able to access a 90% LTV 2-year fixed rate
mortgage at 6.67%.
Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “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.”
