Saffron for Intermediaries has announced rate cuts across 12 of its core products, including its owner-occupier, self-employed, contractor, and buy-to-let mortgage ranges.
Rate reductions have been made to three of Saffron’s self-employed mortgages and two of its contractor mortgages, including a 0.5% decrease on its 90% LTV five-year fixed-rate self-employed product. Saffron’s self-employed mortgages are available to first time buyers and require a borrower to provide a minimum of 12 months accounts, and projected earnings.
The maximum term for the products is 40 years.
The full series of rate changes include:
- 80% LTV five-year fixed-rate self-employed product down 0.3% from 5.97% to 5.67%
- 90% LTV two-year fixed-rate self-employed product down 0.3% from 7.07% to 6.77%
- 90% LTV five-year fixed-rate self-employed product down 0.5% from 6.87% to 6.37%
- 80% LTV five-year fixed-rate contractor product down 0.5% from 5.87% to 5.37%
- 90% LTV five-year fixed-rate contractor product down 0.6% from 5.97% to 5.37%
Saffron for Intermediaries has also reduced rates on four of its 80% and 90% LTV owner occupier mortgages, including a 0.6% decrease on its 90% LTV five-year fixed-rate owner occupier product.
Changes include:
- 80% LTV two-year fixed-rate down 0.3% from 5.97% to 5.67%
- 80% LTV five-year fixed-rate down 0.5% from 5.67% to 5.17%
- 90% LTV two-year fixed-rate down 0.4% from 6.07% to 5.67%
- 90% LTV five-year fixed-rate down 0.6% from 5.77% to 5.17%
Rates on Saffron for Intermediaries’ buy-to-let, limited company buy-to-let and expat buy-to-let products have been reduced as well. Saffron’s limited company buy-to-let product is also open to first time landlords and new limited companies.
The full series of rate changes include:
- 75% LTV five-year fixed-rate expat buy-to-let product down 0.6% from 6.87% to 6.27%
- 75% LTV five-year fixed-rate buy-to-let product down 0.4% from 6.27% to 5.87%
- 75% LTV five-year fixed-rate limited company buy-to-let product down 0.4% from 6.27% to 5.87%
Tony Hall, head of business development at Saffron for Intermediaries, said: “Ensuring we continually review our product range, so it remains as competitive as possible for our broker partners and their clients is of the upmost importance to us. As the market evolves, we want to ensure we adapt with it too.
“This latest round of rate reductions is a testament to our goal of providing affordable mortgage support to those with specialist requirements and complex sources of income.”