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Saffron BS makes rate reductions
Saffron Building Society has lowered rates across various mortgage ranges including deals for self-employed, contractor and limited company buy-to-let borrowers.
The mutual said this was part of its aim to support more complex circumstances and larger loan borrowers.
For example, its two-year fix at 80 per cent loan to value (LTV) for self-employed borrowers has been reduced by 0.2 per cent to 6.07 per cent. For the five-year fixed alternative, the rate is 5.97 per cent.
At the same tier, the two-year fix for contractors has a rate of 6.07 per cent, while at 90 per cent LTV this rate is 6.27 per cent. These represent reductions of 0.3 per cent and 0.2 per cent respectively.
Meanwhile, Saffron Building Society’s five-year fix at 95 per cent LTV for its joint borrower sole proprietor mortgage is priced at 6.17 per cent, as is the five-year fix at 75 per cent LTV for limited company buy-to-let following respective reductions of 0.5 and 0.3 per cent.
The mutual has also brought back mortgages for first-time buyers at 90 and 95 per cent LTV with rates of 6.67 per cent and 6.97 per cent respectively. Both products are fixed for two years and have maximum terms of 40 years. Loans of up to £1m are available up to 90 per cent LTV, or up to £500,000 above 90 per cent LTV.
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Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “At Saffron, we are committed to continually monitoring our product proposition to remain relevant in the market. The market never stands still, and neither do we.
“It’s important to us that we support those with specialist needs and complex sources of income. Many borrowers are under-served by the mortgage industry due to their particular circumstances and we are working hard to make mortgage finance accessible to all.”