Saffron for Intermediaries has announced major changes across its range.

The changes include enhanced professional income boost criteria with a new maximum 6.0x LTI, a new approach to development finance with increases to key loan parameters, and several criteria updates across residential and buy-to-let.

Saffron is also reducing rates across many categories – including for self-employed and contractor clients.

Saffron has increased the maximum loan-to-income ratio for professionals from 5.5x to 6.0x on loans up to 80% LTV. 5.5x remains in place up to 90% LTV.

The maximum time since initial qualification has also been extended from five to ten years, widening eligibility to more mid-career professionals including doctors, solicitors and dentists.

All cases are now assessed as standard using straightforward evidence of competency, such as a degree certificate, graduate scheme or formal training completion.

Mortgage brokers have been added to the accepted profession list, and the existing ‘management consultant’ category has been clarified to include strategy consultants too.

Saffron has also revamped its development finance proposition.  roducts are now fully accessible through Saffron’s broker portal with key changes including: increased maximum loan size from £3m to £5m; increased loan to cost from 80% to 90%; and increased loan to GDV from 65% to 70%.

The product term has also been made more flexible, with options now available up to 36 months to allow for longer build periods.

Saffron has made several enhancements across its residential and buy-to-let criteria, including:

Foster income now accepted for applicants with a 12-month track record, with affordability based on the last three months’ payments.

Joint visa applicants no longer need to meet the £75k threshold individually, provided their combined income exceeds £100k.

Documentation has been simplified across several products: P60s are no longer required for standard employed income cases; and self-employed limited company directors with two years of trading can submit SA302s or tax year overviews alone when borrowing up to 80% LTV, where affordability is based on salary and dividends.

If affordability is based on net profit, fully audited accounts less than 18 months old will be required. Sole traders and partnerships may submit SA302s and tax year overviews only.

Pricing across the owner occupied, self employed and contractor ranges has also been lowered, with reductions of up to 0.30%. Rates for 80% LTV 5 Year Fixes now start at: 4.57% for owner occupied;  4.87% for contractor and 5.07% for self-employed.