Saffron for Intermediaries, the broker-facing arm of Saffron Building Society, has reduced rates across owner-occupier mortgages by 0.2%.
Pricing now starts at 4.77% for its five-year fix at 80% loan to value (LTV). At the same LTV tier, the two-year fix equivalent has a rate of 5.17%.
At 85% LTV, the two-year fix has been reduced by 0.2% to 5.27% and the two-year fixed option at 90% LTV now has a rate of 5.37%.
All products have a £999 arrangement fee.
Tony Hall, head of business development at Saffron for Intermediaries, said: “We’re always keeping a close eye on the market, and despite no movement from the Bank of England on the base rate last week, we’re still pleased to be in a position to make these cuts across our owner-occupied range.
“Affordability remains a point of concern for both advisers and borrowers, and we know every reduction can make a meaningful difference. However, this is just one part of the support we offer.
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“Brokers regularly turn to us for our flexible criteria, and we’re excited to be expanding this even further next month.”
Atom Bank increases maximum near prime LTV to 90%
Atom Bank has raised the maximum LTV available across its near prime range to 90%.
The lender said this would open mortgage access up to people with smaller deposits and small blips in their credit history.
The range includes two-, three- and five-year fixes with fee-charging and fee-free options.
Rates at 90% LTV start at 6.84% for a two-year fix and 6.69% for both three- and five-year fixed rates.
Atom Bank recently added three-year fixes to the offering and has removed missed payment and arrears management fees, which it said would help borrowers get back on track rather than punish them.
Richard Harrison, head of mortgages at Atom Bank, said: “The record-breaking interest that we are seeing in our near prime range is a clear indication of our growing reputation among brokers for supporting this area of the market. Brokers are seeing more clients who have suffered a temporary payment problem as a result of the last few years, and while the issue may only have been short term, the impact on their borrowing prospects threatens to be far longer-lasting.
“With some of the fastest application to offer times in the market and a slick app-based journey for customers, we want to deliver a better experience for near prime borrowers on a larger scale. This has driven a series of criteria enhancements over the last 12 months, such as the large increase in the level of acceptable defaults and the reduction in the ‘look back’ period for defaults.”
He added: “By raising our maximum LTV for near prime mortgages to 90%, we can support far more borrowers, many of whom could be first-time-buyers, to not only purchase their home but take the first steps towards regaining prime status.”
