Saffron Building Society has conducted a product refresh across its mortgage portfolio, aimed at helping borrowers who need larger loans.
As part of the refresh, the lender has permanently increased its maximum loan size to £3m for cases up to 80% loan-to-value (LTV) and £1m up to 90% LTV on all residential and buy-to-let (BTL) products. The Society has also boosted its Self-Build large loan products with a new maximum loan size of £3m, reflecting the increased demand in this specialist category.
The refresh is not a short-term offer, as the Society has announced that this will be its standard proposition moving forward. Saffron’s two large loan Self-Build products are available up to £3m, with discounted rates of 75% LTV with a 1.7% discount off SVR and 80% LTV with a 1.5% discount off SVR.
The £3m maximum loan amount is also available across its specialist product range when borrowing up to 80% LTV, including self-employed products available for those with only one year’s trading history. Self-employed applicants have a choice of fixed or discount rates with a £3m maximum loan.
In addition, Saffron Building Society has products specifically designed to support first-time buyers and contractors, as well as expats, all of which benefit from the increased loan sizes up to 90% LTV and no rate premium applied for larger loans.
Tony Hall (pictured), head of business development at Saffron Building Society, said: “Increasing our lending capabilities across our product portfolio shows our commitment and drive to lead within the specialist lending arena. We work closely with brokers, and we listen. Feedback received over recent months has shown a real appetite for larger loans, especially within the self-build and self-employed markets, so we have delivered.”
