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Contractor

Available for individuals who are working on a contract basis, Saffron takes into account the contractor’s circumstances and income structure.

We recognise that contractors may struggle with standard mortgage applications however Saffron takes a more pragmatic approach; actually understanding contractors financial situations and the specific requirements from a mortgage that this will produce.

Available to First Time Buyers.

Product Criteria

  • Evidence of existing or new contract required
  • All types of contract considered
  • Applicants must have 2 years’ experience within the same industry
  • Income calculated as Daily Rate x 5 x 48
  • Minimum age 21
  • Minimum term 5 years
  • Interest only or repayment
  • Interest only to 70% max LTV and subject to an acceptable repayment strategy
  • Minimum loan size: £30,000. Maximum loan size: £1,000,000 up to 80% LTV or £500,000 above 80% LTV. Loans over this are priced on a bespoke basis and have restricted LTV’s

Income documents required:

  • Current and previous contract
  • Last 3 months’ invoices
  • Last 3 months’ bank statements showing invoice credits
  • CV outlining previous employment history (2 years in the same industry required)

Capital Repayment incentive (not applicable on fixed rates)

  • Borrowers can repay capital at any time and reduce the mortgage interest rate if they move into a lower LTV band, with no additional fee
  • LTV is always based on the original property value when the mortgage was taken out
  • Borrowers will never be required to move up to a higher rate

Contractor

Contractor Two Year Fixed Rate Mortgage

Initial rate

2.87% (fixed)

Product period

31/01/2023

4.39%

Deposit required

20.00%

The overall cost for comparison is

4.20% APRC

Arrangement fee

£999

Contractor Three Year Discount Mortgage

Initial rate

2.69% (variable)

Product period

Three Years

4.39%

Deposit required

20.00%

The overall cost for comparison is

4.10% APRC

Arrangement fee

£499

Contractor Three Year Discount Mortgage

Initial rate

2.39% (variable)

Product period

Three Years

4.39%

Deposit required

40.00%

The overall cost for comparison is

4.00% APRC

Arrangement fee

£499

Your home may be repossessed if you do not keep up payments on your mortgage

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