Saffron Building Society said it has expanded its first-time buyer eligibility to its full owner-occupied suite in response to broker feedback.
The lender said first-time buyers can now access products to and including 90% loan to value (LTV) across its owner-occupied range and retain access to its dedicated first-time buyer deals like joint borrow sole proprietor (JBSP).
This will give brokers greater flexibility and reflect the changing profile of first-time buyers who are buying with bigger deposits, often supported by family members.
Saffron Building Society has also introduced a five-year fixed rate lending into retirement deal.
The firm said affordability for this product will be assessed using the customer’s pay rate rather than a stressed rate, which will help eligible borrowers “maximise borrowing potential with greater confidence and certainty”.
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The maximum term is based on the applicant’s age at application and informed by Office for National Statistics (ONS) data.
For joint applications, both incomes can be considered, which gives increased flexibility and improved access to borrowing.
Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “These enhancements reflect our continued focus on adapting to the evolving needs of today’s borrowers. Whether it’s supporting first-time buyers who are entering the market with more complex deposit structures, or making lending into retirement more achievable, our aim is to ensure brokers have the flexibility and criteria support they need to place more nuanced cases with confidence.
“It also demonstrates our commitment to listening to broker feedback and evolving our proposition accordingly. By refining eligibility and introducing targeted product innovation, we are continuing to strengthen our owner-occupied range in a way that reflects how modern borrowers earn, borrow and plan for the future.”
