Mortgage News
Saffron introduces interest-only payments on occupational mortgage range
Saffron for Intermediaries has introduced the option to repay on an interest-only basis for customers borrowing from its occupational range and also updated mortgage lending criteria.
The intermediary arm of Saffron Building Society offers loans for the self-employed, contractors and professionals – such as accountants, lawyers and doctors – in its occupational product range which is available up to 70% LTV (loan to value).
Other criteria changes include reducing the minimum age of applicants to 21 and higher loan amount caps for first-time buyers living within the M25 from £500,000 to £1m, up to a maximum of 90% LTV.
Saffron head of sales Anita Arch said criteria is regularly reviewed to ensure the lender remains competitive and to provide intermediaries with flexibility for their clients.
