Mutual launches new range aimed at supporting young professionals
Several UK lenders have announced new products and rate cuts in moves aimed at supporting brokers and their clients.
Saffron for Intermediaries has launched its Professional Income Boost range, designed to help young professionals secure higher loan-to-income ratios of up to 5.5 times their income. The product targets individuals in sectors like accounting, law, and dentistry.
Rates for the new product line, which includes two- and five-year fixed-rate options at 80%, 85%, and 90% loan-to-value (LTV), start at 5.27%.
“We are constantly looking for ways to expand our product offering to recognise the complex needs of customers,” said Tony Hall (pictured left), head of business development at Saffron for Intermediaries. “Young professionals often struggle to meet the affordability criteria for loans that reflect their full earning potential. This Professional Income Boost range aims to solve that issue by recognising that their income is likely to grow relatively quickly.”
Meanwhile, Buckinghamshire Building Society has also made changes to its product range, cutting rates by up to 30 basis points (bps) on buy-to-let, standard residential, and holiday let deals.
Among the new rates are a 90% LTV five-year fixed residential mortgage, reduced to 4.99%, and an 80% LTV buy-to-let mortgage, now at 5.89%. The mutual lender also introduced term changes to its non-standard credit product, extending it from a two-year to a three-year fixed term, aimed at helping applicants rebuild their credit profiles. The building society’s standard variable rate (SVR) has also been reduced by 20bps to 8.59%.
“We are pleased to announce a comprehensive rate reduction across our product range, which further enhances the value we offer to intermediaries and their clients,” said Claire Askham (pictured centre), head of mortgage sales at Buckinghamshire Building Society.
“Additionally, we have augmented several products designed to offer more options to borrowers, across a range of mortgage niches. This launch cements our support for brokers in an increasingly complex marketplace.”
Earlier this week, specialist lender Market Financial Solutions (MFS) lowered rates across its Bridge Fusion and bridging loan ranges.
The lender’s Bridge Fusion product, a hybrid between a bridging loan and a longer-term buy-to-let mortgage, now offers terms of up to 36 months, with rates starting at 0.39% plus bank base rate. MFS has also cut rates on its two-year fixed residential buy-to-let mortgage, with pay rates beginning at 5.04%.
“The market is heating up now that the Bank of England has started to bring down the base rate, so now is an opportune moment for us to help maintain the momentum that is building by reducing our rates,” said Paresh Raja (pictured right), chief executive of Market Financial Solutions.
“With significant price reductions across our higher loan tiers, the move will help brokers find the right product for their clients. As such, we are expecting to see a further surge in demand and look forward to supporting brokers through this period.”
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