Saffron for Intermediaries has announced a host of mortgage product changes, with extra support available for self-employed borrowers.
Self-employed customers can now apply for both two- and five-year fixed rates at 7.07% and 6.87%, up to 90% LTV (loan-to-value).
In addition, Saffron is reintroducing its 80% LTV two-year fix product at 6.87% and a 60% LTV discounted option at 6.09% (SVR-2.7%).
These new products sit alongside Saffron’s existing on-sale self-employed products.
Saffron accepts self-employed applicants with one years’ worth of accounts and projections for future earnings.
Applicants with two years or more of trading accounts can access its full range of products.
Saffron has also relaunched a range of mortgage products for contract workers, including 80% LTV two- and five-year fixed-rate products, at 6.67% and 6.37% respectively.
It has reintroduced its five-year fixed rate 75% LTV BTL (buy to let) mortgage, alongside its two-year discounted 75% LTV BTL and expat BTL mortgages.
The standard and expat two-year discounted products are priced at 6.09%, while the five-year fixed rate standard product will have a rate of 6.47%.
Saffron’s Expat BTL 75% five-year fixed rate product has also been repriced downwards, reduced from 7.07% to 6.87%, a 20-basis point decrease.
Its expat buy-to-let products are available to expats living in all countries (except the Netherlands) and are available to first-time landlords.
It has also reintroduced its two and five-year fixed rate residential mortgages, at 6.47% and 6.17% respectively.
Residential borrowers will be able to access a 90% LTV two-year fixed rate mortgage at 6.67%.
Saffron for Intermediaries head of business development Tony Hall says that self-employed borrowers have been ‘particularly underserved by our industry’s lending criteria’.
“The past three years have continually reminded us that one size does not fit all when it comes to lending criteria,” he says.
“Borrowers’ needs, circumstances, and aspirations have undergone seismic changes due to the pandemic and ongoing cost-of-living crisis.
“As a result, our newly enhanced range of products and flexible lending criteria will help us serve all borrowers and those with more complex income sources as we prepare for the busy autumn period.”
