Saffron increases maximum residential and buy-to-let loan sizes

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 buy-to-let products.

The lender’s self-build large loan products also have a new maximum loan size of £3m. Saffron's two large loan self-build products will be available up to £3m and start from 5.79% at 75% LTV and 5.99% at 80% LTV.

The £3m maximum loan amount is also available across Saffron's specialist product range when borrowing up to 80% LTV, including self-employed products available for those with only one year’s trading history.

Self-employed applicants have a choice of fixed or discount rates with a £3m maximum loan. At 80% LTV, two-year fixed rates start at 5.87% and five-year rates from 5.57%. Discounted products are available from 4.58% at 60% LTC and 4.89% at 80% LTV. Both discount options are also free of ERCs.

Additionally, Saffron has products specifically designed to support first-time buyers, contractors and 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 at Saffron, commented: “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.”