Saffron cuts rates by up to 40 basis points

Saffron Building Society has reduced mortgage product rates by up to 40 basis points as well as extended select product terms.

The 80 per cent LTV two-year fix has been cut from 3.27 per cent to 3.07 per cent and the 90 per cent LTV two-year fix has been reduced from 3.77 per cent to 3.57 per cent.

Both products are for self-employed borrowers and the product terms have been extended to 31 July 2021.

In addition, the 80 per cent LTV two-year fix at 3.17 per cent has been sliced to 2.87 per cent and the 90 per cent LTV two-year fix from 3.67 per cent to 3.37 per cent.

The above two products are for contractors and have also had the product term extended to 31 July 2021.

The firm adds that all applications are individually assessed by an underwriter and take into account unique employment situations.

Saffron Building Society head of mortgage sales Anita Arch says: “Long gone are the days of a job for life or income being generated from just one source each month.

“Self-employment and contract work are most definitely on the up with 4.8 million choosing to work this way according to the Office for National Statistics.

“This shift in working patterns gives a fantastic sales opportunity for brokers. Using a specialist lender is a proven way to successfully fulfil a customer’s mortgage needs when they choose to work like this and do not necessarily fit into standard lending criteria.”

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