Saffron Building Society has reduced its rates and extended terms on self-employed and contractor mortgages in a bid to further expand its specialist situations range.

Its self-employed mortgage range will now offer a 3.07 per cent fixed term until 31 January 2022 up to 80 per cent LTV and a 3.57 per cent fixed rate until 31 January 2022 with a 90 per cent LTV.

For contract mortgages, customers can expect a 2.87 per cent fixed rate until 31 January 2022 for loans up to an 80 per cent LTV and a 3.37 per cent fixed rate up until 31 January 2022 up to 90 per cent LTV.

The number of self-employed workers in the UK has been on the rise since 2001, with them now accounting for 15 per cent of the UK’s workforce, providing intermediaries a growing market to service and offer tailored mortgage solutions.

Saffron Building Society head of mortgage sales Anita Arch commented: “Long gone are the days of a job for life or income being generated from just one source each month. Self-employment and contract work is most definitely on the up with 4.8 million choosing to work this way according to the Office for National Statistics.

“This shift in working patterns gives a fantastic sales opportunity for brokers. Using a specialist lender is a proven way to successfully fulfil a customer’s mortgage needs when they choose to work like this and don’t necessarily fit into standard lending criteria.”

Share Story: