Saffron cuts mortgage rates by up to 0.60% and enhances complex income ranges

Saffron for Intermediaries has announced rate reductions across its entire product range and introduced new options for its contractor and self employed products. 

Saffron has reduced rates across four of its owner occupied products, including its large loan product, which caters for loans of up to £5 million with a 0.20% rate reduction. 90% LTV rates are now available at 4.77% fixed for five years and 5.17% fixed for two years.

Rate reductions have been applied to eight products within Saffron's contractor and self employed ranges, including a notable 0.60% reduction on its 80% LTV two and five-year fixed rate contractor products, now at 5.47% and 5.07% respectively.

The full series of new rates includes the introduction of an 85% LTV range. For contractors and self employed borrowers, 85% LTV two-year fixed rates have launched at 5.67% and five-year rates at 5.37%.

Rate reductions also include the new professional income boost range released last month, with each product receiving rate reductions of 0.30%. These products are available to young professionals in selected industries who meet the relevant criteria, and could achieve a loan-to-income ratio of up to 5.5 times. Rates now start from 4.97% at 80% LTV, 5.07% at 85% LTV and 5.17% at 90% LTV.

In addition, Saffron has applied rate reductions to its first-time buyer products, with its 90% LTV two-year fixed-rate product seeing a 0.4% reduction to 6.07%.

Tony Hall, head of business development at Saffron for Intermediaries, commented: “After lowering rates in our owner occupied range last month, we’re excited to extend further rate reductions across our full product range, helping more borrowers access affordable options. With rate reductions of up to 60 basis points and the introduction of our 85% LTV range, those who need up to 85% LTV can now access even more affordable rates, ensuring they aren't paying the same as customers requiring 90%, making homeownership more achievable for them.
 
“These moves not only ease the cost of buying or moving home but also reflect growing optimism in the mortgage market for new buyers, home movers, and those refinancing. With this, we continue to embrace the needs of different types of borrowers and remain committed to providing more tailored and affordable mortgage solutions for them.”