Saffron For Intermediaries has improved its self-employed, first-time buyer and owner-occupied mortgage proposition by raising LTVs and launching fixed rate and low-cost discounted rate options.
Changes include the following:
Self-employed:
Enhancement: increased LTV to 90% for self-employed (including first-time buyers) with just one years’ accounts
LTV: 90% (was 85%)
Rate: 3.99% discount (SVR – 1.4%) for five years
Arrangement fee: £1,250
ERC: 1% for 5 years
Terms: min loan £30,000, max £500,000 over periods up to 40 years
First-time buyers:
Enhancement: Cheaper five-year fixed rate with no arrangement fee
LTV: 95%
Rate: 3.67% (was 3.97%) fixed until 31/12/2022
Arrangement fee: None (was £495)
ERC: 3% until 31/12/2022
Terms: min loan £30,000, max £500,000 (up to £1m within the M25 subject to max 90% LTV and underwriter assessment) over periods up to 40 years
Owner-occupiers:
Enhancement: low rate deals for those wanting to remortgage or purchase property.
Rate: 1.15% to 60% LTV (SVR – 4.24%) suitable for borrowers with equity wanting to remortgage onto a cheaper deal (but it can also be used for purchase). The product also comes with an £800 cashback, which can be used to help cover remortgage costs.
or:
1.25% to 80% LTV (SVR-4.14%) suitable for borrowers wanting to purchase a property (but it can also be used for remortgaging).
Arrangement fee: £999 for both products
ERC: 2% for 2 years on 1.15% product, 1% for 2 years on 1.25% product
Terms: min loan £30,000, max £1m over periods up to 40 years
Anita Arch, head of mortgage sales at Saffron, said: “These enhancements offer significant benefits for most borrowers be they purchasers, remortgaging, first-time buyers or self-employed.
“All mortgage applications will be assessed on their own merits by a skilled underwriter and we guarantee a fast and personal service.”