Here is the latest update from the Saffron Building Society. For details see their latest product information here. Lending criteria details are available here. Remember, you can access these products through our direct to lender mortgage club to get the benefits of payment on completion as well as out specialist mortgage support.
Saffron Announcement
Changes to our products
We are launching multiple products on Wednesday 29 June at 9am.
To secure our current products, we will require a Full Mortgage Application submitted with all relevant fees paid by by 5pm on Tuesday 28 June.
We will be launching the following products on Wednesday 29 June at 9am:
Product Type | Initial Rate | Product Term | Max LTV | Arr Fee | New Product Code | Product code being replaced |
| BTL | 3.77% | Fixed until 31.03.2025 | 75% | £1,999 | DR1034 | NA |
| BTL | 3.97% | Fixed until 31.03.2028 | 75% | £1,999 | DR1035 | DR1001 |
Ltd Co BTL | 3.87% | Fixed until 31.03.2025 | 75% | £1,999 | DR1036 | DR1002 |
| Ltd Co BTL | 4.07% | Fixed until 31.03.2028 | 75% | £1,999 | DR1037 | DR1003 |
| Expat BTL | 3.97% | Fixed until 31.03.2025 | 75% | 1.50% | DR1038 | DR1004 |
| Expat BTL | 4.17% | Fixed until 31.03.2028 | 75% | 1.50% | DR1039 | DR1005 |
Self Employed | 3.47% | Fixed until 31.03.2025 | 80% | £999 | DR1041 | DR0981 |
| Self Employed | 3.67% | Fixed until 31.03.2028 | 80% | £999 | DR1043 | DR0983 |
| Self Employed | 3.97% | Fixed until 31.03.2025 | 90% | £999 | DR1042 | DR0982 |
| Self Employed | 4.07% | Fixed until 31.03.2028 | 90% | £999 | DR1044 | DR0984 |
| Contractor | 3.37% | Fixed until 31.03.2025 | 80% | £999 | DR1045 | DR0977 |
| Contractor | 3.57% | Fixed until 31.03.2028 | 80% | £999 | DR1047 | DR0979 |
| Contractor | 3.87% | Fixed until 31.03.2025 | 90% | £999 | DR1046 | DR0978 |
| Contractor | 3.97% | Fixed until 31.03.2028 | 90% | £999 | DR1048 | DR0980 |
| First Time Buyer | 3.67% | Fixed until 28.02.2025 | 95% | £999 | DR1055 | N/A |
| First Time Buyer | 3.97% | Fixed until 29.02.2028 | 95% | £999 | DR1056 | DR1023 |
| JBSP FTB | 4.07% | Fixed until 29.02.2028 | 95% | £999 | DR1057 | DR1024 |
| Owner Occupied | 3.37% | Fixed until 28.02.2025 | 80% | £999 | DR1058 | DR1028 |
As a reminder, we recently changed our Expat BTL Criteria:
Current Policy | Not available to applicants living in an EEA country Restricted countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. |
New Policy | Not available to applicants living in The Netherlands |
Please note on Friday 1 July we will be increasing our SVR from 5.79& to 6.19%. All relevant pay rates and revert rates will increase accordingly.
Saffron BS Mortgage Changes
Please see information below regarding the mortgage changes due to take effect on Wednesday 29 June:
Product Category | Changes |
Self Employed and Contractor | Extend End Dates |
| Remove Application fee |
| Rate Changes |
BTL | Extend End Dates |
| Remove Application fee |
| Rate Changes |
FTB / Owner Occupied | Extend End Dates |
| Rate Changes |
Buy to Let
Product Name | BTL | BTL | Limited Co BTL | Limited Co BTL | Expat BTL | Expat BTL |
Category | BTL | BTL | Limited Co BTL | Limited Co BTL | Expat BTL | Expat BTL |
Code | DR1034 | DR1035 | DR1036 | DR1037 | DR1038 | DR1039 |
LTV | 75% | 75% | 75% | 75% | 75% | 75% |
Rate | 3.77 | 3.97 | 3.87 | 4.07 | 3.97 | 4.17 |
Rate Type | Fixed | Fixed | Fixed | Fixed | Fixed | Fixed |
Product Term | 2 Year 31.03.2025 | 5 Year 31.03.2028 | 2 Year 31.03.2025 | 5 Year 31.03.2028 | 2 Year 31.03.2025 | 5 Year 31.03.2028 |
Revert Rate | SVR | SVR | SVR | SVR | SVR | SVR |
Arr. Fee | £1,999 | £1,999 | £1,999 | £1,999 | 1.50% | 1.50% |
Fee added | Yes | Yes | Yes | Yes | Yes | Yes |
Application Fee | None | None | None | None | None | None |
Incentive | None | None | None | None | None | None |
Min Loan | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 |
Max Loan | £1,000,000 | £1,000,000 | £1,000,000 | £1,000,000 | £1,000,000 | £1,000,000 |
ERCs | 2% for 2 years | 3% for 5 Years | 2% for 2 years | 3% for 5 Years | 2% for 2 years | 3% for 5 Years |
Overpayments | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free |
Floor | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Min Term | 5 years | 5 Years | 5 years | 5 Years | 5 years | 5 Years |
Max Term | 40 years | 40 Years | 40 years | 40 Years | 40 years | 40 Years |
Repayment | Repayment or interest only | Repayment or interest only | Repayment or interest only | Repayment or interest only | Repayment or interest only | Repayment or interest only |
Purpose | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes | Yes | Yes | Yes | Yes |
Channel | Intermediary only | Intermediary only | Intermediary | Intermediary only | Intermediary only | Intermediary only |
Exclusive | No | No | No | No | No | No |
Replacing | n/a | DR1001 | DR1002 | DR1003 | DR1004 | DR1005 |
Self Employed & Contractor
Product Name | Self Employed | Self Employed | Self Employed | Self Employed | Contractor | Contractor | Contractor | Contractor |
Category | Self Employed | Self Employed | Self Employed | Self Employed | Contractor | Contractor | Contractor | Contractor |
Code | DR1041 | DR1042 | DR1043 | DR1044 | DR1045 | DR1046 | DR1047 | DR1048 |
LTV | 80% | 90% | 80% | 90% | 80% | 90% | 80% | 90% |
Rate | 3.47 | 3.97 | 3.67 | 4.07 | 3.37 | 3.87 | 3.57 | 3.97 |
Rate Type | Fixed | Fixed | Fixed | Fixed | Fixed | Fixed | Fixed | Fixed |
Product Term | 2 Year 31.03.2025 | 2 Year 31.03.2025 | 5 Year 31.03.2028 | 5 Year 31.03.2028 | 2 Year 31.03.2025 | 2 Year 31.03.2025 | 5 Year 31.03.2028 | 5 Year 31.03.2028 |
Revert Rate | SVR -1% | SVR -1% | SVR -1% | SVR -1% | SVR -1% | SVR -1% | SVR -1% | SVR -1% |
Arr. Fee | £999 | £999 | £999 | £999 | £999 | £999 | £999 | £999 |
Fee added | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Application Fee | None | None | None | None | None | None | None | None |
Incentive | None | None | None | None | None | None | None | None |
Min Loan | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 |
Max Loan | £1,000,000 | £500,000 | £1,000,000 | £500,000 | £1,000,000 | £500,000 | £1,000,000 | £500,000 |
ERCs | 2% for 2 years | 2% for 2 years | 3% for 5 years | 3% for 5 years | 2% for 2 years | 2% for 2 years | 3% for 5 years | 3% for 5 years |
Overpayments | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free |
Floor | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Min Term | 5 years | 5 Years | 5 years | 5 Years | 5 years | 5 Years | 5 years | 5 Years |
Max Term | 40 years | 40 Years | 40 years | 40 Years | 40 years | 40 Years | 40 years | 40 Years |
Repayment | Repayment or interest only | Repayment | Repayment or interest only | Repayment | Repayment or interest only | Repayment | Repayment or interest only | Repayment |
Purpose | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Channel | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary only |
Exclusive | No | No | No | No | No | No | No | No |
Replacing | DR0981 | DR0982 | DR0983 | DR0984 | DR0977 | DR0978 | DR0979 | DR0980
|
FTB, JBSP, OO
Product Name | First Time Buyer | First Time Buyer | JBSP FTB | Owner Occupied |
Category | First Time Buyer | First Time Buyer | JBSP FTB | Residential |
Code | DR1055 | DR1056 | DR1057 | DR1058 |
LTV | 95% | 95% | 95% | 80% |
Rate | 3.67 | 3.97 | 4.07 | 3.37 |
Rate Type | Fixed | Fixed | Fixed | Fixed |
Product Term | 2 Year 28.02.2025 | 5 Year 29.02.2028 | 5 Year 29.02.2028 | 2 Year 28.02.2025 |
Revert Rate | SVR-1% | SVR-1% | SVR-1% | SVR-1% |
Arr. Fee | £999 | £999 | £999 | £999 |
Fee added | No | No | No | Yes |
Application Fee | None | None | None | None |
Incentive | Free valuation | Free valuation | Free valuation | None |
Min Loan | £30,000 | £30,000 | £30,000 | £30,000 |
Max Loan | £500,000 | £500,000 | £500,000 | £1,000,000 |
ERCs | 2% for 2 Years | 3% for 5 Years | 3% for 5 Years | 2% for 2 Years |
Overpayments | 10% p.a | 10% p.a | 10% p.a | 10% p.a |
Floor | 2% | 2% | 2% | 2% |
Min Term | 5 years | 5 years | 5 years | 5 years |
Max Term | 40 years | 40 years | 40 years | 40 years |
Repayment | Repayment | Repayment | Repayment | Repayment, I/O |
Purpose | Purchase | Purchase | Purchase | Purchase or remortgage |
Portable | Yes | Yes | Yes | Yes |
Channel | Intermediary | Intermediary | Intermediary | Intermediary |
Exclusive | No | No | No | No |
Replacing | N/A | DR1023 | DR1024 | DR1028
|
Saffron BS – Policy changes
Next Wednesday (29 June) we will be making the following two changes to our lending policy:
Policy | Current Policy | New policy |
VISAs | We are unable to consider applicants on any type of visa. The applicant must have indefinite leave to remain | Accept skilled Worker, Health & Care Worker and Global talent Visas subject to:
|
Adverse | Unsettled CCJs/Defaults are allowed up to the total of £100 and up to £250 at underwriter’s discretion | Unsettled CCJs/Defaults are allowed up to the total of £100 and up to £500 at underwriter’s discretion |
Saffron BS SVR change – 1 July
Please be advised that we are increasing our SVR as follows:
Current SVR | Change | New SVR | Effective Date |
5.79% | 0.40% | 6.19% | 01-Jul-22 |
Saffron BS Mortgage Changes – 6 July
Please see information below regarding the mortgage changes due to take effect on Wednesday 6 July.
Summary
Product Category | Changes |
BTL | New Product – BTL Light Refurb |
Owner Occupied | New Product – Second Home |
| Relaunch OO 80% discount product with new rates and no application fee |
Self-Build | Repriced products |
| Lower arrangement fee |
| No application fee |
BTL Light Refurb – new product
Product Name | BTL Light Refurb |
Product Category | BTL Light Refurb |
Code | DR1040 |
LTV | 75% (end value) |
Rate | 3.49% (SVR-2.7%) |
Rate Type | Discount |
Product Term | 2 Years |
Revert Rate | SVR |
Arrangement Fee | 1.50% |
Can Arr Fee be added | Yes |
Application Fee | None |
Incentive | None |
Min Loan | £30,000 |
Max Loan | £1,000,000 |
ERCs | 2% for 1 Year |
Overpayments | 10% p.a. penalty free |
Floor | 2.00% |
Min Mortgage Term | 5 Years |
Max Mortgage Term | 40 Years |
Repayment | Cap Rep and I/O |
Purpose | Purchase and remortgage |
Portable | No |
Channel | Intermediary |
Exclusive | No |
Replacing | n/a |
Product specific criteria
- If the amount of lending required is the maximum percentage of end value, state this clearly on application form
- Rental Cover based on after works rental assessment
- Rental cover 140% of either pay rate + 2% or 5.5%, whichever is higher
- Evidence of savings to support 3 months mortgage payments whilst refurbishment works undertaken
- Work must be completed within 3 months of completion and prior to letting out
- Additional funds released after a satisfactory re-inspection and confirmation of improved end value and rental income
- Property must be let on an AST
- Rental assessment is based on occupation by 1 family on an unfurnished let
- Limited Company accepted
- LTV not to exceed figure stated at any stage
- For portfolio landlords the maximum LTV INCLUDING fees is 75%
- Interest only or repayment
- Maximum loan size £1,000,000. Loans over this are priced on a bespoke basis and have restricted LTV’s
- Regulated buy to let accepted – either now or in the future, you or an immediate family member will occupy the premises or be a tenant. (The definition of an immediate family member includes: parents, grandparents, child, grandchild, brother or sister.)
Owner Occupied – one is a new product, the other a relaunch
Product Name | Owner Occupied – relaunch | Second Home – NEW |
Product Category | Residential | Residential |
Code | DR1049 | DR1050 |
LTV | 80% | 80% |
Rate | 1.99% (SVR-4.2%) | 2.19% (SVR-4.0%) |
Rate Type | Discount | Discount |
Product Term | 2 Years | 2 Years |
Revert Rate | SVR-1% | SVR-1% |
Arrangement Fee | £999 | £999 |
Can Arr Fee be added | Yes | Yes |
Application Fee | None | None |
Incentive | Free Vals | Free Vals |
Min Loan | £30,000 | £30,000 |
Max Loan | £1,000,000 | £1,000,000 |
ERCs | 2% for 2 Years | 2% for 2 Years |
Overpayments | 10% p.a. penalty free | 10% p.a. penalty free |
Floor | 1.99% | 2.00% |
Min Mortgage Term | 5 Years | 5 Years |
Max Mortgage Term | 40 Years | 40 Years |
Repayment | Cap Rep and I/O | Cap Rep and I/O |
Purpose | Purchase and remortgage | Purchase and remortgage |
Portable | Yes | Yes |
Channel | Intermediary | Intermediary |
Exclusive | No | No |
Replacing | DR0968 | n/a |
Product specific criteria
Owner Occupied | Second Home |
Same as current (except we have removed the application fee)
Overpayments of up to 10% of the original loan amount per annum are allowed without penalty |
* Overpayments of up to 10% of the original loan amount per annum are allowed without penalty |
Self Build – summer sale
Product Name | Self Build | Self Build | Self Build Large Loan | Self Build Large Loan |
Product Category | Self Build | Self Build | Self Build | Self Build |
Code | DR1051 | DR1052 | DR1053 | DR1054 |
LTV | 75% | 80% | 75% | 80% |
Rate | SVR-2.4% (3.79%) | SVR-2.2% (3.99%) | SVR-1.7% (4.49%) | SVR-1.5% (4.69%) |
Rate Type | Discount | Discount | Discount | Discount |
Product Term | 24 months | 24 months | 24 months | 24 months |
Revert Rate | SVR-1% | SVR-1% | SVR-1% | SVR-1% |
Arr Fee | 0.5% | 0.5% | 0.5% | 0.5% |
Fee added | Yes | Yes | Yes | Yes |
Application Fee | None | None | None | None |
Incentive | None | None | None | None |
Min Loan | £30,000 | £30,000 | £1,000,000.01 | £1,000,000.01 |
Max Loan | £1,000,000 | £1,000,000 | £2,000,000 | £2,000,000 |
ERCs | None | None | None | None |
Overpayments | Unlimited | Unlimited | Unlimited | Unlimited |
Floor | 2.00% | 2.00% | 2.00% | 2.00% |
Min Term | 5 Years | 5 Years | 5 Years | 5 Years |
Max Term | 40 Years | 40 Years | 40 Years | 40 Years |
Repayment | Repayment or Interest only | Repayment or Interest only | Repayment or Interest only | Repayment or Interest only |
Purpose | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage |
Portable | No | No | No | No |
Channel | Intermediary | Intermediary | Intermediary | Intermediary |
Exclusive | No | No | No | No |
Replacing | DR1012 | DR1013 | DR1014 | DR1015 |
No change to criteria