Saffron for Intermediaries has announced that it has reduced selected mortgage rates by 0.20 percentage points across its buy-to-let, expat and limited company ranges, alongside cuts for self-employed borrowers and first-time buyers.
The changes, effective from 12 November, include five-year fixed rates across standard, limited company and expat buy-to-let mortgages. Arrangement fees remain unchanged across the affected products.
For expat landlords, five-year fixes across both the personal buy-to-let and limited company buy-to-let ranges have fallen to 6.07% at 55% loan-to-value (LTV) and 6.17% at 75% LTV. All four products carry a flat £2,500 arrangement fee.
UK-based landlords can access limited company buy-to-let five-year fixes at 5.97% up to 70% LTV and 6.07% up to 75% LTV. Both products have a £2,500 arrangement fee.
The standard buy-to-let five-year fix at 75% LTV has also been reduced to 6.07%, with an arrangement fee of £1,999.
The lender has cut all two- and five-year fixed rates across its self-employed range. Rates now start at 6.07% for two-year fixes and 5.97% for five-year fixes, both at 80% LTV. The range extends to 90% LTV and carries a £999 arrangement fee.
First-time buyers with a 5% deposit can now access a two-year fixed rate of 6.77% or a five-year fix at 6.37%. Neither product has an arrangement fee, and both include a free valuation.
“The Budget has given landlords another reason to review their costs and investment plans, so these rate reductions come at a useful time," said Saffron's head of business development, Tony Hall (pictured)
"Brokers tell us their clients love the certainty of our flat arrangement fees. On larger loans in particular, a flat fee can make a substantial difference compared with a fee calculated as a percentage of the borrowing.
Hall added, "These cuts also reach borrowers who can benefit from a more individual approach, whether that’s a self-employed applicant with fluctuating earnings or an expat landlord arranging finance from overseas. For brokers, the benefit is being able to offer lower rates alongside an individual assessment, with a team they can talk to about the details that could make a difference to the application.”
