Saffron For Intermediaries, the dedicated intermediary channel of Saffron Building Society, is offering borrowers the option to repay their mortgages on an interest-only basis, across its occupational range of loan products.
The occupational range includes loans for the self-employed, contractors and professionals (e.g. accountants, lawyers, doctors and dentists. Click here for a full list of acceptable professionals). Interest-only mortgages are available up to 70% LTV and are subject to an acceptable repayment strategy being in place.
Saffron has also made a number of additional criteria changes to its full range of mortgage products, including the following:
• The minimum age of applicants has been reduced to 21 on all products
• The maximum loan for first-time buyers living within the M25 has been increased from £500K to £1m, up to a maximum of 90% LTV (FTB loans only)
• Contractors need only show 2 years’ experience in the same type of employment, along with evidence of a new or existing contract
Anita Arch, Head of Mortgage Sales, said: “We regularly review our criteria to ensure they remain competitive and are delighted to be announcing these enhancements today. They provide intermediaries with further flexibility when advising their clients about Saffron’s products.”