Saffron for Intermediaries has made rate reductions and product enhancements across its portfolio, to provide more options for borrowers, particularly those with complex incomes.
Today (Wednesday 17th July) the lender introduced rate reductions in its owner-occupied, expat buy-to-let (BTL), and green residential product ranges.
The owner-occupied range saw a reduction in rates for large loan products catering to loans up to £5m.
Saffron introduced an 85% loan-to-value (LTV) band for residential owner-occupier products.
Its 85% LTV 2-year fixed rate owner-occupied product is now at 5.37% with a £999 arrangement fee, and its 85% LTV 5-year fixed rate owner-occupied product is at 5.47%, also with a £999 arrangement fee.
Additionally, the lender’s 80% LTV 2-year fixed rate owner-occupied product dropped from 5.67% to 5.27% with a £999 arrangement fee, and its 80% LTV 5-year fixed rate owner-occupied large loan product reduced from 5.37% to 4.77% with a £1,495 arrangement fee.
In the expat BTL range, Saffron reduced rates to support both first-time and experienced portfolio landlords.
Following the introduction of a fixed-fee expat BTL product in March, the 75% LTV 5-year fixed rate expat BTL product decreased from 5.87% to 5.67% with a £2500 arrangement fee.
Additionally, the 75% LTV variable rate expat BTL product is now at Standard Variable Rate (SVR) -2.8% with a £1,995 arrangement fee.
Saffron reduced rates on its green residential product to provide more opportunities for homebuyers and movers.
The 80% LTV 2-year fixed rate green residential product saw a rate drop from 5.67% to 5.27% with a £999 arrangement fee.
Tony Hall, head of business development at Saffron for Intermediaries, said: “In the aftermath of the election uncertainty, and ahead of a potential base rate reduction, we are delighted to be able to announce reduced rates across a range of our products.
“We are increasingly aware of the more complex circumstances of today’s borrowers, and that the approach to mortgages must reflect this.
“This is why we are constantly looking for ways to enhance our mortgage products to ensure that we can help as many borrowers as possible to find a product that works for them. Today’s announcement is just another step towards that goal.”
