Saffron Building Society underlines its specialist lender status by increasing maximum loan sizes
09 March 2023
- Saffron announces move to increase maximum loan size on residential and BTL products to £3m for up to 80% LTV and £1m at 90% LTV
- Self-Build maximum loan size has also been increased to £3m
- This change is a permanent enhancement to Saffron’s specialist lending proposition and is available from today
Saffron Building Society has today announced a full product refresh across its mortgage portfolio, focused on helping borrowers in need of larger loans.
Confirming its position as a top specialist lender, Saffron Building Society has permanently increased its maximum loan size to £3m for cases up to 80% LTV and £1m up to 90% LTV on all residential and BTL products. The lender’s Self-Build large loan products have also been boosted with a new maximum loan size of £3m, reflecting the increased demand in this specialist category.
This is not a short-term offer either, as the Society has announced today that this will be its standard proposition moving forward. Highlights from the refresh include:
SELF-BUILD: Saffron’s two large loan Self-Build products are available up to £3m. Both are discounted rates:
- 75% LTV with a 1.7% discount off SVR, meaning a current rate of 5.79%
- 80% LTV with a 1.5% discount off SVR, meaning a current rate of 5.99%
SELF-EMPLOYED: The £3m maximum loan amount is also available across its specialist product range when borrowing up to 80% LTV, including self-employed products available for those with only 1 year’s trading history. Self-employed applicants have a choice of fixed or discount rates with a £3m maximum loan:
- 80% LTV Two-Year fixed rate of 5.87%
- 80% LTV Five-Year fixed rate of 5.57%
- 80% LTV with a 2.6% discount off SVR, meaning a current rate of 4.89%
- 60% LTV with a 2.9% discount off SVR, meaning a current rate of 4.59%
Both discount options are also free of ERCs.
Additionally, Saffron Building Society has products specifically designed to support First Time Buyers and Contractors, as well as Expats, all of which benefit from the increased loan sizes up to 90% LTV and no rate premium applied for larger loans.
Tony Hall, Head of Business Development comments: “Increasing our lending capabilities across our product portfolio shows our commitment and drive to lead within the specialist lending arena. We work closely with brokers, and we listen. Feedback received over recent months has shown a real appetite for larger loans, especially within the self-build and self-employed markets, so we have delivered.”
For more information on the refresh, you can visit www.saffronforintermediaries.co.uk/products. Alternatively, you can contact the Saffron Intermediary Support Team with any specific product and criteria questions.
