These are available at 7.07 per cent and 6.87 per cent respectively.
The mutual is also relaunching the two-year fixed option at 80 per cent LTV which is priced at 6.87 per cent, and a discounted rate option at 60 per cent LTV which is 2.7 per cent lower than its standard variable rate at 6.09 per cent.
Additionally, Saffron Building Society has brought back mortgages for contract workers.
This includes a two and five-year fix at 80 per cent LTV, with rates of 6.67 per cent and 6.37 per cent respectively, a two-year fix at 90 per cent LTV with a rate of 6.87 per cent. There is also a discounted product at 60 per cent LTV with a rate of 5.99 per cent.
Across its standard buy-to-let and expat range, Saffron Building Society has reintroduced its five-year fix at 75 per cent LTV which has a rate of 6.47 per cent and its two-year discounted rate priced at 6.09 per cent at 75 per cent LTV.
Elsewhere, the rate of its five-year fix at 75 per cent LTV for expat buy-to-let borrowers has been reduced by 0.2 per cent to 6.87 per cent.
For owner-occupier borrowers, the mutual has relaunched two and five-year fixes at 80 per cent LTV with rates of 6.47 per cent and 6.17 per cent respectively. There is also a two-year fixed option at 90 per cent LTV with a rate of 6.67 per cent.
Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “The past three years have continually reminded us that one size does not fit all when it comes to lending criteria. Borrowers’ needs, circumstances, and aspirations have undergone seismic changes due to the pandemic and ongoing cost-of-living crisis.”
Hall said the newly enhanced range would help all borrowers including those with complex sources of income.
He added: “One group of borrowers that has been particularly underserved by our industry’s lending criteria is self-employed professionals. Earlier this summer, Saffron for Intermediaries launched a campaign to spotlight the views and needs of this cohort, in which just under three-quarters of those surveyed confirmed that they believe that being self-employed acts as a disadvantage when applying for a mortgage.
“With this in mind, we’re particularly proud to extend our support at 90 per cent LTV to this group, as we know that brokers and their clients value our flexibility in this area.”
Coventry BS trims rates
Coventry Building Society will reduce rates across residential and buy-to-let products with a revised offering this Friday.
The mutual will cut all fixed rates for new and existing borrowers at 50 to 80 per cent LTV. This will include offset, interest-only and offset interest-only mortgages. It will also reduce all tracker rates at 65 and 75 per cent LTV, as well as buy-to-let options.
Coventry Building Society will cut all fixed and portfolio buy-to-let rates for new borrowers, all buy-to-let and portfolio tracker rates and all two-year fixes for existing buy-to-let and portfolio borrowers except for fee-free options at 50 and 65 per cent LTV.
For existing borrowers, the mutual will lower all five-year fixed buy-to-let and portfolio mortgage rates.
