Saffron For Intermediaries has announced that it has overhauled its self-employed and contractor mortgage ranges.
Rates and fees have been reduced and all discount rates are now ERC free. Borrowers can choose either a three-year discount rate or fix their rate until April 2021.
There is also a new 90% LTV fixed rate for the self-employed and a new 60% LTV band has been introduced for borrowers with significant equity who want to remortgage or move home.
Self-employed mortgages are now available to anyone (including first-time buyers) who is self-employed with trading accounts of one year or more.
Three-year discounted rates are available from 2.49% up to 60% LTV, 2.79% at 80% LTV and 3.39% at 90% LTV.
New fixed rates are available from 3.27% to 80% LTV and 3.77% to 90% LTV.
Three-year discounted contractor rates start from 2.39% up to 60% LTV, 2.69% at 80% LTV and 3.29% at 90% LTV.
Fixed rates start from 3.17% to 80% LTV and 3.67% at 90% LTV.
All fixed rate products have an ERC of 3% until the end of the fixed rate period and an arrangement fee of £999.
Anita Arch, Head of Mortgage Sales at Saffron, said: “The self-employed and contractors are a growing sector of our national workforce and these enhancements will help them to drive-down the cost of either purchasing or remortgaging property.
We’re now offering a choice of either fixed rates to end April 2021, or ERC free three-year discounts allowing borrowers to make unlimited overpayments without penalty. All products are also available on an interest-only basis up to 70% LTV.”