Saffron Building Society has announced reduced rates and extended terms on self-employed and contractor mortgages as the lender continues to develop its specialist situations range.
Wednesday 7 August 2019 15:38 Press release
Self-employed mortgages, available to customers with one year’s trading accounts:
• 3.07% fixed until 31.01.2022 Self Employed, 80% LTV
• 3.57% fixed until 31.01.2022 Self Employed, 90% LTV
Contractor mortgages, available to customers working on a contract basis:
• 2.87% fixed until 31.01.2022 Contractor, 80% LTV
• 3.37% fixed until 31.01.2022 Contractor 90% LTV
Saffron’s ongoing review of market needs has prompted the Society to customise its mortgage offering in this sector to enable applicants to have increased options and access to competitive mortgage products.
The number of self-employed workers has steadily increased in the UK since 2001 and now account for around 15% of the working population* giving intermediaries a growing market to service and offer tailored mortgage solutions. Saffron’s revamped range of mortgages in this niche area has been designed to fulfil this opportunity with unique new features including an LTV of up to 90%.
5 Years Fixed Rates – Self Employed
Rate: 3.07% (SVR-1%) to 80% LTV
Loan: Min loan: £30K, Max loan: £1K
Rate: 3.57% (SVR-1%) to 90%
Loan: Min loan: £30K, Max loan: £500,000
Arrangement fee: £999
ERC: 2 % for 2 years
Purpose: for purchase or remortgage.
Term: 40 years
5 Years Fixed Rates – Contractor
Rate: 2.87% (SVR-1%) to 80% LTV
Loan: Min loan: £30K, Max loan: £1K
Rate: 3.37% (SVR-1%) to 90%
Loan: Min loan: £30K, Max loan: £500,000
Arrangement fee: £999
ERC: 2 % for 2 years
Purpose: for purchase or remortgage.
Term: 40 years
Anita Arch, Saffron’s Head of Mortgage Sales comments: 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 is 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 don’t necessarily fit into standard lending criteria.
All applications made with Saffron are individually assessed by a skilled underwriter giving brokers customers an efficient and personal service taking into account what can sometimes be a unique employment situation.”
