Saffron for Intermediaries has made rate reductions across a number of products, in order to provide borrowers with as many options as possible.
Rate reductions have been made to Saffron’s buy to let, limited company buy-to-let and expat buy-to-let products, offering support for both first time landlords, and experienced portfolio landlords.
Saffron has also introduced a new product for expat landlords which has a fixed £2,500 arrangement fee.
This will sit alongside the lender’s percentage fee offer product at the same rate and gives more choice to expat buy to let applicants.
This is the first time that Saffron has offered different arrangement fee structures on the same product, and forms part of their mission to increase flexibility across their product range.
The new rate changes includes a 75% loan-to-value (LTV) 5-year fixed-rate buy to let product down 0.6% to 5.27% with £1,999 arrangement fee, a 75% LTV 5-year fixed-rate expat buy-to-let product down 0.4% to 5.87% with 1.5% arrangement fee, as well as a 75% LTV 5-year fixed-rate expat buy-to-let introduced at 5.87% with £2,500 arrangement fee.
Rate reductions have been made to two of Saffron’s self-employed mortgages.
A 80% LTV 2-year fixed-rate self-employed product has been reduced by 0.1% from 6.07% to 5.97% with £999 arrangement fee, and a 0% LTV 5-year fixed-rate self-employed product is down 0.1% from 6.37% to 6.27% with £999 arrangement fee.
Saffron for Intermediaries has also reduced one of its rates for contract workers, introducing a 80% LTV 5-year fixed-rate contractor product down 0.2% from 5.37% to 5.17%.
In addition, the lender has reduced rates on its range of first-time buyer products.
For those who need a some extra financial support to afford a property, Saffron’s joint borrower sole proprietor (JBSP) mortgage enables them to buy a property with the help of a family member and bases the term on the age of the occupying borrower rather than the supporter.
The rate changes includes a 90% LTV 2-year fixed rate first-time buyer product down 0.2% from 6.67% to 6.47% with no arrangement fee, a 95% LTV 2-year fixed rate first-time buyer product down 0.3% from 6.97% to 6.67% with no arrangement fee, as well as a 90% LTV 5-year fixed rate first-time buyer product down 0.6% from 5.87% to 5.27% with no arrangement fee.
Finally, Saffron for Intermediaries has reduced rates on two of its owner occupier mortgages, including a 80% LTV 5-year fixed-rate down 0.2% from 5.17% to 4.97% with £999 arrangement fee and a 90% LTV 5-year fixed-rate down 0.8% from 5.77% to 4.97% with £999 arrangement fee.
Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “So far in 2024, we are seeing a more diverse range of borrower profiles than ever before and at Saffron, we are working hard to adapt and ensure that our product range reflects this variety.
“While keeping our rates as competitive as possible, we are also proud to offer products that can cater to borrowers that other lenders might shy away from.
“We look forward to working with brokers to help their customers take advantage of today’s new rates and products.”
