Saffron enhances job-related range

Sam Cordon

July 4, 2013

Saffron’s Professional Mortgage, aimed at professionals such as doctors, lawyers and accountants requiring higher LTV loans, offers rates from 3.99% for up to 80% loan to value to 4.99% up to 90% LTV.

Loans are available up to £500,000 and have a £998 arrangement fee.

The Contractor Mortgage is available for those on short-term contracts with a minimum contract history of 6 months at 80% LTV, rising to 2 years at 90% LTV.

Saffron’s Self-Employed Mortgage is available to self-employed borrowers with just one year’s accounts and is available up to 80% LTV. The product has a 4.47% rate fixed until 31 August 2016 and a maximum loan size of £500,000.

Peter Izard, head of mortgages at Saffron for Intermediaries, said: “We’ve looked carefully at ways in which we can further enhance our mortgages designed for borrowers in specific types of employment and are delighted to announce the changes being implemented today.

“Borrowers who are anything other than full-time employees can encounter difficulties finding mortgages which meet their specific requirements.

“Our mortgages for professionals, contractors and the self-employed have been tailored to the circumstances that such borrowers can find themselves in.”

Tony Salentino, director of Complete FS, said: “Brokers know only too well the difficulties that the self-employed, contractors and even professionals can encounter when applying for mortgages.

“Increasingly, larger lenders are targeting standard borrowers in full-time employment and anyone who doesn’t fit their ‘perfect borrower’ profile can find it difficult obtaining a loan.

“It’s good to see lenders such as Saffron Building Society continuing to develop products for borrowers in special situations.”

Saffron for Intermediaries launched its ‘Special Situations’ range of mortgages in March this year, which has been designed to help borrowers find a suitable mortgage for their needs.

Products include deals for landlords, first-time buyers, those moving up the property ladder, the self-employed, borrowers with an adverse credit record, contractors, professionals seeking higher LTVs and people building their own homes.

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