Saffron for Intermediaries has made a host of mortgage product changes, including enhancements to its self-employed range.
Self-employed customers will now be able to apply for up to a 90% loan-to-value (LTV) product with both 2-year and 5-year fixed rates, at 7.07% and 6.87% respectively.
In addition, Saffron reintroduced its 80% LTV 2-year fix product at 6.87%, and a 60% LTV discounted option at 6.09%.
The products sit alongside Saffron’s existing on-sale self-employed products, completing a wide range of options available for self-employed borrowers.
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 Saffron for Intermediaries’ full range of products.
The lender also relaunched products for contract workers, including 80% LTV 2-year and 5-year fixed-rate products, at 6.67% and 6.37% respectively, a 90% LTV 2-year fixed rate product at 6.87%, and a 60% LTV discounted product at 5.99%.
To apply for a contractor mortgage, applicants must have two years’ employment history and a minimum of three months’ contract history.
Day one contractors will be considered on a discretionary basis with a minimum of one year of working experience in a similar industry.
Saffron for Intermediaries reintroduced its 5-year fixed rate 75% LTV buy to let (BTL) mortgage, alongside its 2-year discounted 75% LTV BTL and expat BTL mortgages.
The standard and expat 2-year discounted products are priced at 6.09%, while the 5-year fixed rate standard product will have a rate of 6.47%.
Saffron’s Expat BTL 75% 5-year fixed rate product was repriced downwards, reduced from 7.07% to 6.87%, a 20 basis point decrease.
Its expat BTL products are available to expats living in all countries except the Netherlands, to first-time landlords.
Saffron for Intermediaries reintroduced its 2-year and 5-year fixed rate residential mortgages, at 6.47% and 6.17% respectively.
Residential borrowers will also be able to access a 90% LTV 2-year fixed rate mortgage at 6.67%.
Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “The past three years have continually reminded us that one size does not fit all when it comes to lending criteria.
“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.”
He added: “One group of borrowers that has been particularly underserved by our industry’s lending criteria is self-employed professionals.
“Earlier this summer, Saffron for Intermediaries launched a campaign to spotlight the views and needs of this cohort, in which just under three-quarters of those surveyed confirmed that they believe that being self-employed acts as a disadvantage when applying for a mortgage.
“With this in mind, we’re particularly proud to extend our support at 90% LTV to this group, as we know that brokers and their clients value our flexibility in this area.”
