Saffron for Intermediaries has introduced rate cuts across its entire product range, including new options for contractors and self-employed borrowers.
For owner-occupied products, Saffron has reduced rates on four different offerings.
This includes a reduction of 0.20% on its large loan product, which caters to loans up to £5m.
Other rate cuts in this category include a 0.10% reduction on the 90% loan-to-value (LTV) 5-year fixed rate, bringing it down to 4.77%, and a 0.20% reduction on the 90% LTV 2-year fixed rate, which now stands at 5.17%.
Additionally, the 80% LTV five-year fixed-rate large loan product has been reduced by 0.20%, bringing the rate to 4.27%.
In the contractor and self-employed range, Saffron has introduced rate reductions on eight products.
Among these is a significant 0.60% reduction on the 80% LTV 2- and 5-year fixed-rate contractor products, making borrowing more affordable for individuals with non-traditional income sources.
In addition, the launch of the 85% LTV range provides a lower-rate option for those who do not require a 90% LTV.
The new rates for contractor products include a 0.30% reduction on the 90% LTV 2-year fixed rate, which is now 5.97%, and a similar reduction on the 90% LTV 5-year fixed rate, now set at 5.57%.
The newly introduced 85% LTV 2-year fixed-rate contractor product is available at 5.67%, while the 85% LTV 5-year fixed rate stands at 5.37%.
The 80% LTV 5-year fixed-rate contractor product has been reduced by 0.60% to 5.07%, and the 80% LTV 2-year fixed rate is now 5.47%, following a 0.60% cut.
For self-employed borrowers, the 90% LTV 5-year fixed rate has been reduced by 0.30%, bringing it down to 5.97%, while the 90% LTV 2-year fixed rate now stands at 6.47%, following the same reduction.
The newly introduced 85% LTV 5-year fixed-rate self-employed product is available at 5.67%, and the 85% LTV 2-year fixed rate has been set at 5.97%.
Additionally, the 80% LTV 5-year fixed-rate self-employed product has been reduced by 0.50%, bringing the rate to 5.27%, while the 80% LTV 2-year fixed rate is now 5.67%, following a 0.4% cut.
Saffron has also reduced rates on its professional income boost range, which was launched last month.
These products, which are available to young professionals in selected industries, now benefit from rate reductions of 0.30%.
Borrowers who meet the criteria for this range could achieve a loan-to-income ratio of up to 5.5 times.
The revised rates for these products include a 0.30% reduction on the 90% LTV 5-year fixed rate, which is now 5.17%, as well as similar reductions on other products in the range.
The 90% LTV 2-year fixed rate now stands at 5.57%, while the 85% LTV 5-year fixed rate is 5.07%, and the 2-year fixed rate for the same LTV is now 5.47%.
For the 80% LTV range, the 5-year fixed rate is 4.97%, while the 2-year fixed rate stands at 5.37%.
First-time buyers have also benefited from rate reductions.
Saffron has reduced the 90% LTV two-year fixed-rate product by 0.40%, making homeownership more accessible for those taking their first step onto the property ladder.
The 95% LTV 2-year fixed-rate product has also been reduced by 0.20%, bringing the rate to 6.47%, while the 90% LTV 2-year fixed rate now stands at 6.07%.
Tony Hall, head of business development at Saffron for Intermediaries, said: “After lowering rates in our owner occupied range last month, we’re excited to extend further rate reductions across our full product range, helping more borrowers access affordable options.
“With rate reductions of up to 0.60% and the introduction of our 85% LTV range, those who need up to 85% LTV can now access even more affordable rates, ensuring they aren’t paying the same as customers requiring 90%, making homeownership more achievable for them.
“These moves not only ease the cost of buying or moving home but also reflect growing optimism in the mortgage market for new buyers, home movers, and those refinancing.
“With this, we continue to embrace the needs of different types of borrowers and remain committed to providing more tailored and affordable mortgage solutions for them.”
