Saffron For Intermediaries, the dedicated broker channel of Saffron Building Society, has launched 3-year fixed rate options across its range of occupational mortgages for the self-employed, contractors and professionals.
The fixed rates have the following features:
• Self-employed & contractor mortgages: 3.37% fixed rate until 30/06/19 (then SVR thereafter) up to 75% LTV. Overpayments of up to 10% p.a. are allowed without penalty
• Professional mortgage: 3.27% fixed rate until 30/06/19 (then SVR -1% thereafter) up to 75% LTV. Overpayments of up to 15% p.a. are allowed without penalty
• Arrangement fees: £1,250 for self-employed and contractors; £1,550 for professionals
• Min & max loans: £30K min: £1m max (refer for larger amounts)
• ERC: 3% of the outstanding balance during the fixed rate period
Anita Arch, Head of Mortgage Sales, said: “At a time when there is growing speculation about a possible rate rise this year, these fixed rates give the self-employed, contractors and professionals the opportunity to lock into today’s low mortgage rates and benefit from the certainty they offer”.
Saffron’s occupational mortgage range has been designed to address issues faced by those who work for themselves or in specific professions, when they apply for a mortgage. The Society does not use credit scoring, preferring to use skilled underwriters who individually assess each mortgage application.