In a move that will be music to the ears of first-time buyers, Saffron Building Society has launched a new range of mortgages specifically designed for professionals in the early stages of their careers.

The “Professional Income Boost” range is available to those working in a range of professions such as accountancy, dentistry, and law. But unlike other lenders, Saffron is also offering these mortgages to professionals often excluded from similar schemes, including management consultants and investment bankers on graduate schemes.

This means that eligible borrowers could get a mortgage worth up to 5.5 times their salary. For example, a graduate earning £40,000 could borrow up to £220,000, significantly increasing their options in the property market.

The mortgages are available as two and five-year fixed-rate deals, with the option of borrowing 80%, 85%, or 90% of the property’s value. Interest rates start at a competitive 5.27%.

Tony Hall, Head of Business Development at Saffron for Intermediaries, explained the thinking behind the new range: “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.”

The launch follows hot on the heels of other criteria changes announced by Saffron in August, indicating the lender is serious about supporting homebuyers in a challenging market.