Saffron Building Society has refreshed its product range across its mortgage portfolio, focused on helping borrowers in need of larger loans.
The society has permanently increased its maximum loan size to £3m for cases up to 80% loan-to-value (LTV) and £1m for up to 90% LTV on all residential and buy-to-let (BTL) products.
In addition, self-build large loan products have a new maximum loan size of £3m.
Saffron’s two large loan self-build products are available up to £3m. The products include a 75% LTV with a 1.7% discount off the standard variable rate (SVR), meaning a current rate of 5.79% and an 80% LTV with a 1.5% discount off SVR, meaning a current rate of 5.99%
The £3m maximum loan amount is also available across its specialist product range when borrowing up to 80% LTV, including self-employed products available for those with only one year’s trading history.
Self-employed applicants have a choice of fixed or discount rates with a £3m maximum loan.
The 80% LTV two-year fix has a rate of 5.87% while the five-year fix has a rate of 5.57%.
Meanwhile, the 80% LTV with a 2.6% discount off SVR has a current rate of 4.89% and the 60% LTV with a 2.9% discount off SVR has a current rate of 4.59%.
Both discount options are also free of early repayment charges.
Saffron Building Society head of business development Tony Hall comments: “Increasing our lending capabilities across our product portfolio shows our commitment and drive to lead within the specialist lending arena.”
“We work closely with brokers, and we listen. Feedback received over recent months has shown a real appetite for larger loans, especially within the self-build and self-employed markets, so we have delivered.”
