Saffron for Intermediaries today announces rate reductions across 12 of its core products, including its owner-occupier, self-employed, contractor, and buy to let mortgage ranges. The move is the latest in a series of upgrades to the lender’s proposition, providing better value for customers in line with changes to mortgage swap rates.
Self Employed / Contractor reductions
Rate reductions have been made to three of Saffron’s self-employed mortgages and two of its contractor mortgages, including a 0.5% decrease on its 90% LTV 5-year fixed-rate self-employed product. 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:
· 80% LTV 5-year fixed-rate self-employed product down 0.3% from 5.97% to 5.67%
· 90% LTV 2-year fixed-rate self-employed product down 0.3% from 7.07% to 6.77%
· 90% LTV 5-year fixed-rate self-employed product down 0.5% from 6.87% to 6.37%
· 80% LTV 5-year fixed-rate contractor product down 0.5% from 5.87% to 5.37%
· 90% LTV 5-year fixed-rate contractor product down 0.6% from 5.97% to 5.37%
Owner Occupier reductions
Saffron for Intermediaries has also reduced rates on four of its 80% and 90% LTV owner occupier mortgages, including a 0.6% decrease on its 90% LTV 5-year fixed-rate owner occupier product. The move is the latest in the firm’s efforts to support customers with complex sources of income. The full series of rate changes include:
· 80% LTV 2-year fixed-rate down 0.3% from 5.97% to 5.67%
· 80% LTV 5-year fixed-rate down 0.5% from 5.67% to 5.17%
· 90% LTV 2-year fixed-rate down 0.4% from 6.07% to 5.67%
· 90% LTV 5-year fixed-rate down 0.6% from 5.77% to 5.17%
Buy to let reductions
Rates on Saffron for Intermediaries’ buy to let, limited company buy to let and expat buy to let products have been reduced as well. Saffron’s limited company buy to let product is also open to first time landlords and new limited companies. The full series of rate changes include:
· 75% LTV 5-year fixed-rate expat buy to let product down 0.6% from 6.87% to 6.27%
· 75% LTV 5-year fixed-rate buy to let product down 0.4% from 6.27% to 5.87%
· 75% LTV 5-year fixed-rate limited company buy to let product down 0.4% from 6.27% 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.”
