Rate reductions have been applied to eight products within Saffron’s contractor and self employed ranges, including a 0.6% reduction on its 80% LTV two and five-year fixed-rate contractor products.

The 80% LTV two-year fixed rate contractor product is now 5.47%; while its 80% LTV five-year fixed rate contractor product  is now 5.07%.

Saffron’s 80% LTV five -year fixed rate self-employed product is down 0.5% to 5.27%.

For owner occupiers, Saffron’s new rates include; 90% LTV five-year fixed rate down 0.1% to 4.77%; 90% LTV two-year fixed rate down 0.2% to 5.17%; and 80% LTV 5-year fixed rate Large Loan product down 0.2% to 4.27%.

The rate reduction also includes the new professional income boost range released last month, with each product receiving rate reductions of 0.3%. These products are available to young professionals in selected industries who meet the relevant criteria, and could achieve a loan-to-income ratio of up to 5.5 times.

The new rates includes  90% LTV five-year fixed rate down 0.3% to 5.17% and 85% LTV two-year fixed rate down 0.3% to 5.47%.

For first time buyers  Saffron is offering a 95% LTV two -year fixed rate down 0.2% to 6.47% and a 90% LTV 2-year fixed rate down 0.4% to 6.07%.

Affordable mortgages

Commenting on the rate changes Saffron head of business development Tony Hall said: “After lowering rates in our owner occupied range last month, we’re excited to extend further rate reductions across our full product range, helping more borrowers access affordable options.

“With rate reductions of up to 60 basis points and the introduction of our 85% LTV range, those who need up to 85% LTV can now access even more affordable rates, ensuring they aren’t paying the same as customers requiring 90%, making homeownership more achievable for them.”

He added: “These moves not only ease the cost of buying or moving home but also reflect growing optimism in the mortgage market for new buyers, home movers, and those refinancing.”