Do you work on short-term contracts? Many lenders see you as ‘high risk’ and this may make it hard for you to get a mortgage.
At Saffron, we specialise in mortgages for people who don’t fit the standard criteria and that includes people on short-term contracts or day rates. Our Contractor Mortgages are designed to be flexible and your Mortgage Adviser will be happy to assess your income on day rates and take long-term prospects into consideration. With our variable rate products you can even pay off capital and benefit from a lower rate which can help you pay off your mortgage faster.
Whether you’re buying for the first time, moving home or remortgaging, talk to us about our specialist mortgages for Contractors.
- Designed specially for the those on short-term contracts and day rates
- First time buyers can apply
- Reduced rate on variable rate products if your balance drops into a lower loan-to-value band
- Expert help from our friendly Mortgage Advisers
Talk to us today
To arrange an appointment with one of our Mortgage Advisers call us free on:0800 072 1100or complete the form below:
Your home may be repossessed if you do not keep up repayments on your mortgage
Our contractor mortgages
|Product||Initial rate||then changing to our SVR, currently||The overall cost for comparison is||Product period||Deposit required||Arrangement fee|
|Contractor 5 Year Discount Mortgage||2.79% Variable||5.39%||4.6% APRC||five years||20%||£625||More|
|Contractor 5 Year Discount Mortgage||3.89% Variable||5.39%||5.0% APRC||five years||15%||£1,250||More|
|Contractor 5 Year Discount Mortgage||4.09% Variable||5.39%||5.1% APRC||five years||10%||£1,250||More|
|Contractor Fixed Rate Mortgage||3.27% Fixed||5.39%||5.0% APRC||Fixed until 31/07/2020||30%||£999||More|
|Contractor Fixed Rate Mortgage||3.67% Fixed||5.39%||5.1% APRC||Fixed until 31/01/2021||10%||£999||More|
|Contractor Fixed Rate Mortgage||3.97% Fixed||5.39%||5.2% APRC||Fixed until 31/01/2020||15%||£999||More|
The following representative example is intended to allow you to easily compare products across lender and does not reflect what your actual monthly payment or APRC could be. Please contact us if you have any questions regarding this.
A mortgage of £529,280 payable over 33 years, initially on a Discount rate for 5 Years at 3.79% and then on our current Standard Variable Rate Mortgage of 5.39% (variable) for the remaining 28 years, would require 60 monthly payments of £2,344.09 and 336 monthly payments of £2,799.32.
The total amount payable would be £1,081,481.92 made up of the loan amount plus interest (£552,231.92), an application fee of £135 and a redemption fee of £130.
The overall cost for comparison is 5.0% APRC representative.