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Building society Saffron has updated its range of products in its mortgage portfolio, focusing on helping borrowers in need of larger loans.
The Society has permanently increased the maximum loan amount to £3m for cases up to 80% Loan to Value (LTV) and £1m for up to 90% LTV across all residential and rental (BTL) products.
In addition, there is a new £3m credit limit for large self-build loan products.
Two large Saffron self-build loan products are available for up to £3 million. Products include 75% LTV at 1.7% of the Standard Variable Rate (SVR), meaning the current rate is 5.79%, and 80% LTV at 1.5% of the SVR, meaning the current rate is 5 .99%.
A maximum loan amount of £3m is also available for the line of specialty products when borrowing up to 80% LTV, including self-employed products available to those with only one year of trading history.
Self-employed applicants can opt for a flat rate or reduced rate, with a maximum loan amount of £3 million.
A two-year fix of 80% LTV has a rate of 5.87%, while a five-year fix has a rate of 5.57%.
Meanwhile, 80% LTV discounted 2.6% off SVR has a current rate of 4.89%, and 60% LTV discounted 2.9% off SVR has a current rate 4.59%.
Both discount options are also free of early redemption fees.
Saffron Building Society Head of Business Development Tony Hall comments: “The expansion of our lending capabilities across our product portfolio demonstrates our commitment and commitment to leading the way in the specialty lending arena.”
“We work closely with brokers and listen. Feedback received in recent months has shown real interest in larger loans, especially in the self-build and self-employment markets, so we have managed.”
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