Saffron revamps self-employed and contractor mortgage deals

09 August 2017

Saffron For Intermediaries, the dedicated intermediary channel of Saffron Building Society, has overhauled its entire range of mortgages for the self-employed and contractors.

Rates and fees have been reduced and all discounts are ERC free. There is also a new 90% LTV fixed rate for the self-employed and a new 60% LTV band has been introduced for borrowers with significant equity who want to remortgage or move home.

Key features include the following:

Self-employed
Available to anyone (including first-time buyers) who is self-employed with trading accounts of 1-year or more.
3-year discounted Rates:
2.49% (SVR-2.9%) to 60% LTV
2.79% (SVR-2.6%) to 80%LTV
3.39% (SVR-2.0%) to 90% LTV
All are ERC free and have an arrangement fee of £499.
Fixed Rates:
3.27% fixed until 30/04/21 to 80% LTV
3.77% fixed until 30/04/21 to 90% LTV
Both products have an ERC of 3% until the end of the fixed rate period and an arrangement fee of £999.
Terms: for purchase or remortgaging. Max mortgage period: 40 years.
60% & 80% LTV Min loan £30K, Max £1m
90% LTV Min loan £30K, Max £500k
Loans over the max amounts will be considered, however rates may be bespoked.

Contractors
Available to individuals (including first-time buyers) working on a contract basis.
3-year discounted Rates:
2.39% (SVR-3%) to 60% LTV
2.69% (SVR-2.7%) to 80%LTV
3.29% (SVR-2.1%) to 90% LTV
All are ERC free and have an arrangement fee of £499.
Fixed Rates:
3.17% fixed until 30/04/21 to 80% LTV
3.67% fixed until 30/04/21 to 90% LTV
Both products have an ERC of 3% until the end of the fixed rate period and an arrangement fee of £999.
Terms: for purchase or remortgaging. Max mortgage period: 40 years.
60% & 80% LTV Min loan £30K, Max £1m
90% LTV Min loan £30K, Max £500k
Loans over the max amounts will be considered, however rates may be bespoked.

Anita Arch, Head of Mortgage Sales at Saffron, said: “The self-employed and contractors are a growing sector of our national workforce and these enhancements will help them to drive-down the cost of either purchasing or remortgaging property.

“We’re now offering a choice of either fixed rates to end April 2021, or ERC free 3-year discounts allowing borrowers to make unlimited overpayments without penalty. All products are also available on an interest-only basis up to 70% LTV.”

All mortgage applications are assessed on their own merits by a skilled underwriter and brokers and their clients are guaranteed a fast and personal service.

Brokers can find full product information, submit a DIP and a mortgage application at: (www.saffronforintermediaries.co.uk).