Saffron extends contractor mortgage to 90pc LTV

Anita Arch, senior business development manager at Saffron for Intermediaries, said: “This enhanced mortgage now enables contractors to borrow up to 90% LTV and benefit from a 5-year discount. There are no early repayment charges and all applications are manually underwritten and not subject to credit scoring.”

Brokers can access the products via a panel of distributors including 3mc, AToM, Brightstar, Complete FS, L&G Network, Platinum Options, tbmc and Vantage.

Available on a purchase or remortgage on a repayment basis product features include no ERCs, arrangement fee of £1,250 with a minimum loan of £30,000 and a maximum loan of £1million to 80% LTV and £500,000 to 90% LTV.

Available to contractors, income will be calculated as daily rate x 5 x 48.

Contractors must have a minimum six month term left on their contract and a minimum contract history of six months to 80% LTV, rising to two years to 90% LTV.

There is also a capital repayment incentive allowing borrowers to repay capital at any time and benefit from a lower rate if their mortgage drops into a lower LTV band.