Saffron for Intermediaries has raised the maximum loan size on its self-build large loan and residential large loan products.
It has lifted the maximum loan size to £4m (up from £3m) on its self-build large loan products.
In addition, Saffron has launched a new product category – residential large loan – which it will source up to £5m (up from £3m), at up to 80% LTV.
Borrowers looking to take advantage of the extended maximum loan sizes have rates starting at 5.67%. The following rates apply:
- 80% LTV five-year fixed rate of 5.67% (residential large loan)
- 80% LTV two-year product with a 2.7% discount from SVR, meaning a current rate of 6.09% (residential large loan)
Meanwhile, the maximum loan on Saffron’s self-build large loan products has increased to £4m, available at the following rates:
- 75% LTV two-year product with a 1.7% discount from SVR, meaning a current rate of 7.09% (self-build large loan)
- 80% LTV two-year product with a 1.5% discount from SVR, meaning a current rate of 7.27% (self-build large loan)
Saffron has also reduced rates across its range, including on residential, self-employed, contractor and buy-to-let products. residential products have seen reductions of up to 0.7%, with five-year fixed rates at 80% LTV starting at 5.77%. The new rates are as follows:
- 80% LTV two-year product with a 2.7% discount from SVR, meaning a current rate of 6.09% (Owner Occupied)
- 80% LTV two-year fixed rate of 6.17% (Owner Occupied)
- 80% LTV five-year fixed rate of 5.67% (Owner Occupied)
- 90% LTV two-year fixed rate of 6.27% (Owner Occupied)
- 90% LTV five-year fixed rate of 5.77% (Owner Occupied)
- 80% LTV two-year fixed rate of 617% (Retrofit)
- 80% LTV two-year fixed rate of 6.47% (Self-Employed)
- 80% LTV five-year fixed rate of 6.27% (Self-Employed)
- 80% LTV two-year fixed rate of 6.37% (Contractor)
- 80% LTV five-year fixed rate of 5.87% (Contractor)
- 90% LTV two-year fixed rate of 6.47% (Contractor)
- 90% LTV five-year fixed rate of 5.97% (Contractor)
Saffron has also increased the LTV on products in its Retirement Interest-Only (RIO) mortgage range and introduced a new LTV band of 90% on its first-time buyer range. The enhanced LTV on RIO mortgages is now 60%. The following rates apply:
- 60% LTV with a 3% discount from SVR, meaning a current rate of 5.79% (RIO POA)
- 60% LTV with a 2.7% discount from SVR, meaning a current rate of 6.09% (RIO)
- 90% LTV five-year fixed rate of 6.37% (FTB)
Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “At Saffron, we pride ourselves on working closely with brokers to understand exactly what they want and need, reflecting these conversations in frequent enhancements to our product criteria. We know that placing larger loans can often be a challenge, and so are delighted to increase our maximum loan sizes today.
“This aligns with the enhancements to our self-employed product range announced in September, helping to ensure that we provide a well-rounded offering in the complex lending space.
“Today’s developments are just one way that we aim to help brokers to support borrowers who might not fit into traditional lending criteria. We are excited to help as many people as possible achieve their dream of homeownership.”