Saffron Building Society has launched a professional income boost range that will offer eligible borrowers up to 5.5x loan to income (LTI).
The professional income boost range is aimed at young professionals in select industries, including accountants, dentists, solicitors, management consultants and investment bankers who are on graduate schemes.
The range has two and five-year fixed rates at 80%, 85% and 90% loan to value (LTV) with pricing beginning at 5.27%.
A full list of eligible professions can be found here.
The professional income boost range acknowledges the “earning potential of professionals in the early stages of their career”, the lender said.
It continued that it improved its ability to “embrace a wide range of income profiles and find a solution for as many borrowers as possible”.
Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “At Saffron, we are constantly looking for ways to expand our product offering to recognise the complex needs of customers. Young professionals often struggle to meet the affordability criteria for loans that reflect their full earning potential.
“This range aims to solve that issue, by recognising that their income is likely to grow relatively quickly. Our new range also accepts a broader range of professions than some other equivalent products, in response to the changing needs of brokers and their customers. We look forward to continuing to work with brokers to help more young home buyers or movers.”
Saffron Building Society recently refreshed its income allowance criteria and interest coverage ratio (ICR) in August following broker feedback.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
