Saffron For Intermediaries, the dedicated broker channel of Saffron Building Society, has enhanced its Contractor Mortgage by adding a 90% LTV band offering a 5-year discounted rate of 4.09%.
The product includes the following features:
• LTV bands extended up to 90%:
– 3.29% 5-yr discount to 70% LTV
– 3.79% 5-yr discount to 80% LTV
– 3.89% 5-yr discount to 85% LTV
– 4.09% 5-yr discount to 90% LTV
• No ERCs
• Arrangement fee £1,250
• Purchase or remortgage on a repayment basis
• Min loan: £30,000 & max loan: £1million to 80% LTV and £500,000 to 90% LTV
• Available to contractors. income will be calculated as daily rate x 5 x 48
• Must have a minimum 6-month term left on their contract and a minimum contract history of 6 months to 80% LTV, rising to 2 years to 90% LTV
• Capital repayment incentive allowing borrowers to repay capital at any time and benefit from a lower rate if their mortgage drops into a lower LTV band
Anita Arch, Senior Business Development Manager at Saffron For Intermediaries, said: “This enhanced mortgage now enables contractors to borrow up to 90% LTV and benefit from a 5-year discount. There are no early repayment charges and all applications are manually underwritten and not subject to credit scoring.”
Brokers can access these new products via a panel of distributors which includes 3mc, AToM, Brightstar, Complete FS, L&G Network, Platinum Options, tbmc and Vantage.