"Young professionals often struggle to meet the affordability criteria for loans that reflect their full earning potential. This range aims to solve that issue, by recognising that their income is likely to grow relatively quickly. "
- Tony Hall, head of business development at Saffron for Intermediaries
Saffron for Intermediaries has announced the launch of its Professional Income Boost range, which offers borrowers who meet the relevant criteria loan-to-income-ratios of up to 5.5 times.
The Society says this recognises the earning potential of professionals in the early stages of their career, improving its ability to embrace a wide range of income profiles.
The product range is available to young professionals in selected industries, who will see their salary grow as they progress in their career. This includes accountants, dentists, solicitors, alongside management consultants and investment bankers who are on graduate schemes.
The full product range includes two and five-year fixes at 80%, 85%, and 90% LTV, with rates starting at 5.27%.
Tony Hall, head of business development at Saffron for Intermediaries, commented: “At Saffron, we are constantly looking for ways to expand our product offering to recognise the complex needs of customers. Young professionals often struggle to meet the affordability criteria for loans that reflect their full earning potential. This range aims to solve that issue, by recognising that their income is likely to grow relatively quickly. Our new range also accepts a broader range of professions than some other equivalent products, in response to the changing needs of brokers and their customers. We look forward to continuing to work with brokers to help more young home buyers or movers.”
