"Ensuring we continually review our product range, so it remains as competitive as possible for our broker partners and their clients is of the upmost importance to us."
- Tony Hall, head of business development at Saffron for Intermediaries
Saffron for Intermediaries has announced rate reductions across 12 of its core products, including its owner-occupier, self-employed, contractor, and buy-to-let mortgage ranges.
Rate reductions have been made to three of Saffron’s self-employed mortgages and two of its contractor mortgages, including a 0.50% decrease on its 90% LTV five-year fixed-rate self-employed product, down to 6.37%.
Other self-employed reductions include an 80% LTV five-year fix, down by 30bps to 5.67%, and a two-year 90% LTV product which has also reduced by 30bps, now at 6.77%.
Saffron’s self-employed mortgages are available to first-time buyers and require a borrower to provide a minimum of 12 months accounts, and projected earnings. The maximum term for the products is 40 years, helping ease pressures on affordability. The full series of rate changes include:
In its contractor range, five-year fixed rates are down by up to 0.60% to 5.37% at 80% or 90% LTV.
Saffron for Intermediaries has also reduced rates on four of its 80% and 90% LTV residential mortgages, including a 0.60% decrease on its 90% LTV five-year fixed-rate, now at 5.17%, and a 0.40% cut to a two-year fix at 90% LTV, down to 5.67%. At 80% LTV, two-year fixed rates have reduced by 30bps to 5.67% with a five-year fix down by 50bps to 5.17%.
In Saffron's buy-to-let range, 75% LTV five-year fixed rates have reduced, with the expat product down by 60bps to 6.27% and standard and limited company buy-to-let products down by 40bps to 5.87%.
Tony Hall, head of business development at Saffron for Intermediaries, commented: “Ensuring we continually review our product range, so it remains as competitive as possible for our broker partners and their clients is of the upmost importance to us. As the market evolves, we want to ensure we adapt with it too. This latest round of rate reductions is a testament to our goal of providing affordable mortgage support to those with specialist requirements and complex sources of income.”
