Saffron for Intermediaries has reduced rates by up to 40bps across a range of mortgage lines, while also increasing the maximum borrowing allowed on selected first-time buyer products. 

Rates have been cut on its first-time buyer, owner occupier, self-employed, contractor, limited company BTL and joint borrower sold proprietor mortgages. 

The biggest reductions are on its self-employed mortgage range. As a result of this 40bps reduction Saffron is now charging a rate of 6.07% on its two-year fix (at 80% LTV). 

The lender is also reintroducing 90% and 95% LTV deals on it two-year first-time buyer products. Previously these higher borrowing limits were only available with a five-year fixed rate mortgage. 

For these FTB two-year fixes Saffron charges a rate of 6.67% (at 90% LTV) or 6.97% (at 95% LTV). Those borrowing over 90% have a maximum loan size of £500,000 although this is extended to £1m for those borrowing up to 90% of the property’s value. Saffron also offers a 40-year maximum repayment term for first-time buyers.

Among its other newly-priced deals Saffron is offering a two0year fix at 6.07% (at 80% LTV) for contractors, a reduction of 30bps, while its five-year limited company BTL deal is priced at 6.17% (75% LTV) — again a reduction of 30bps. 

Saffron for Intermediaries head of business development Tony Hall says the lender was monitoring its product proposition in the current conditions. “It’s important to us that we support those with specialist needs and complex sources of income. Many borrowers are under-served by the mortgage industry due to their particular circumstances and we are working hard to make mortgage finance accessible to all.”