Saffron Building Society has announced a full product refresh across its mortgage portfolio, focused on helping borrowers in need of larger loans.
The society has permanently increased its maximum loan size to £3m for cases up to 80% LTV and £1m up to 90% LTV on all residential and buy-to-let products.
The lender’s self-build large loan products have also been given a new maximum loan size of £3m.
Refreshed deals include the following:
Self-build:
Saffron’s two large loan self-build products are available up to £3m. Both are discounted rates:
- 75% LTV with a 1.7% discount off SVR, meaning a current rate of 5.79%
- 80% LTV with a 1.5% discount off SVR, meaning a current rate of 5.99%
Self-employed:
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 1 year’s trading history. Self-employed applicants have a choice of fixed or discount rates with a £3m maximum loan:
- 80% LTV Two-Year fixed rate of 5.87%
- 80% LTV Five-Year fixed rate of 5.57%
- 80% LTV with a 2.6% discount off SVR, meaning a current rate of 4.89%
- 60% LTV with a 2.9% discount off SVR, meaning a current rate of 4.59%
Both discount options are also free of ERCs.
Additionally, 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, head of business development at the 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.”