Saffron For Intermediaries has improved its range of job-related mortgage products.

Such products from the specialist lending channel of Saffron Building Society now have the following key features:

Professional Mortgage
For professionals such as doctors, lawyers and accountants requiring higher LTV loans.
Borrowers can repay capital at any time and reduce the mortgage rate if they move into a lower LTV band

Rate of (all rates fixed to 31 August 2016):

• 4.99% to 90% LTV
• 4.49%, to 85% LTV
• 3.99% to 80% LTV

• Available to up to £500,000 for purchase (including first-time buyers) & remortgage
• No early repayment charges
• £998 arrangement fee

Contractor Mortgage
For individuals working on short-term contracts (min contract history of 6 months at 80% LTV, rising to 2 years at 90% LTV)

Rate of:

• 5.99% (SVR + 0.60%) to 90% LTV, for 3 years from completion
• 5.39% (SVR) to 85% LTV
• 4.47% fixed to 31 August 2016, to 80% LTV
• Available to up to £500,000 for purchase (including first-time buyers) & remortgage
• Income calculation: day rate x 5 x 48
• No early repayment charges
• Arrangement fee dependant on LTV
• Optional features such as interest only and second homes available on loans up to 75% LTV

Self-Employed Mortgage
For self-employed borrowers with just one years’ accounts

• Rate of 4.47% fixed until 31 August 2016
• Available to 80% LTV, up to £500,000
• For purchase (including first-time buyers) or remortgage
• No early repayment charges
• 1% arrangement fee

Peter Izard, head of mortgages at Saffron For Intermediaries said: “We’ve looked carefully at ways in which we can further enhance our mortgages designed for borrowers in specific types of employment and are delighted to announce the changes being implemented today.

“Borrowers who are anything other than full-time employees can encounter difficulties finding mortgages which meet their specific requirements. Our mortgages for professionals, contractors and the self-employed have been tailored to the circumstances that such borrowers can find themselves in.”

Tony Salentino, director of Complete FS, added: “Brokers know only too well the difficulties that the self-employed, contractors and even professionals can encounter when applying for mortgages.

“Increasingly, larger lenders are targeting standard borrowers in full-time employment and anyone who doesn’t fit their ‘perfect borrower’ profile can find it difficult obtaining a loan. It’s good to see lenders such as Saffron Building Society continuing to develop products for borrowers in special situations.”