Brilliant Solutions

The office will be closed from 5pm today for staff training, open as normal tomorrow. 

Our office will be closed from 5pm Thursday, 20th October to 9am Friday, 21st October.
If you have any cases or enquiries that this may affect, please contact our team today. We apologise for any inconvenience.

We are currently experiencing some technical issues that are affecting our telephone lines and internet connection.

We hope to resolve this asap. Apologies for the inconvenience.

 

In honour of Her Majesty Queen Elizabeth II our offices will be closed on Monday 19th September while our staff pay their respects.

The office will re-open at 9am on Tuesday 20th September.

Saffron BS Update

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 

BTL3.77%Fixed until 31.03.202575%£1,999DR1034NA
BTL3.97%Fixed until 31.03.202875%£1,999DR1035DR1001

Ltd Co BTL

3.87%

Fixed until 31.03.2025

75%

£1,999

DR1036

DR1002
Ltd Co BTL4.07%Fixed until 31.03.202875%£1,999DR1037DR1003
Expat BTL3.97%Fixed until 31.03.202575%1.50%DR1038DR1004
Expat BTL4.17%Fixed until 31.03.202875%1.50%DR1039DR1005
       

Self Employed

3.47%

Fixed until 31.03.2025

80%

£999

DR1041

DR0981
Self Employed3.67%Fixed until 31.03.202880%£999DR1043DR0983
Self Employed3.97%Fixed until 31.03.202590%£999DR1042DR0982
Self Employed4.07%Fixed until 31.03.202890%£999DR1044DR0984
Contractor3.37%Fixed until 31.03.202580%£999DR1045DR0977
Contractor3.57%Fixed until 31.03.202880%£999DR1047DR0979
Contractor3.87%Fixed until 31.03.202590%£999DR1046DR0978
Contractor3.97%Fixed until 31.03.202890% £999 DR1048 DR0980
       
First Time Buyer3.67%Fixed until 28.02.202595%£999DR1055N/A
First Time Buyer3.97%Fixed until 29.02.202895%£999DR1056DR1023
JBSP FTB4.07% Fixed until 29.02.202895%  £999 DR1057 DR1024
       
 Owner Occupied 3.37%Fixed until  28.02.2025 80%£999  DR1058DR1028

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:

    • Maximum LTV of 75%
    • Remaining term of visa exceeds fixed term period

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)

 

  • Free Valuation Fees
  • Minimum age 21
  • Interest only or repayment
  • Interest only to 70% max LTV and subject to an acceptable repayment strategy
  • Minimum loan size £30,000
  • Maximum loan size £1,000,000
  • Loans over this are priced on a bespoke basis and have restricted LTV’s

 

Overpayments of up to 10% of the original loan amount per annum are allowed without penalty

  • Free Valuation Fees
  • Minimum age 21
  • For second homes
  • Affordability is solely based on personal income and no income from short term letting is used
  • Maximum 90 days per year of short term letting
  • No AST or contract for tenant
  • Not available to properties on holiday parks or subject to occupancy restrictions
  • Interest only or repayment
  • Interest only to 70% max LTV and subject to an acceptable repayment strategy
  • Minimum loan size £30,000
  • Maximum loan size £1,000,000
  • Loans over this are priced on a bespoke basis and have restricted LTV’s

 

* 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

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