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Saffron launches fixed-rate occupational range

  • 02/02/2016
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Saffron launches fixed-rate occupational range
Saffron for Intermediaries, the broker arm of Saffron Building Society, has launched a three-year fixed-rate range of occupational mortgages aimed at the self-employed, contractors and professionals.

Saffron said the range has been designed to target those who may often have problems securing mortgages from mainstream lenders.

Self-employed and contractor mortgages are offered a 3.37% fixed rate until 30 June 2019, when they will revert to the lender’s Standard Variable Rate (SVR). A £1,250 arrangement fee applies.

The professional mortgage will be offered at 3.27%, also until the end of June 2019, when it will change to 1% less than the SVR. The product comes with a £1,550 arrangement fee.

All products are offered at a 75% loan-to-value (LTV). Over payments are available penalty free at up to 10% per year for self-employed and contractor mortgages, and up to 15% per year for the professional mortgage.

The products are available at a minimum loan size of £30,000 and a maximum of £1m.

Anita Arch (pictured), head of mortgage sales at Saffron for Intermediaries, said: “At a time when there is growing speculation about a possible rate rise this year, these fixed rates give the self-employed, contractors and professionals the opportunity to lock into today’s low mortgage rates and benefit from the certainty they offer.”

In August last year, Saffron for Intermediaries extended its range of professional mortgages to include a 90% LTV deal.

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