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
Mortgage Changes
We will be making a number of changes to our mortgage range on Wednesday (29 September):
- Reprice of First Time Buyer
- Launch of new 90% LTV Band for Self Employed & Contractor
- End date extensions to our Owner Occupied, Retro Fit and Self Employed & Contractor fixes
Reprice of First Time Buyer
- Criteria will match existing products
Product Name | First Time Buyer | First Time Buyer | First Time Buyer | First Time Buyer |
Product Category | First Time Buyer | First Time Buyer | First Time Buyer | First Time Buyer |
Code | DR0916 | DR0917 | DR0918 | DR0919 |
LTV | 90% | 90% | 95% | 95% |
Rate | 3.17 | 3.47 | 3.27 | 3.57 |
Rate Type | Fixed | Fixed | Fixed | Fixed |
Product Term | 30.04.2024 (2 year) | 30.04.2027 (5 year) | 30.04.2024 (2 year) | 30.04.2027 (5 year) |
Revert Rate | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) |
Arrangement Fee | None | None | None | None |
Can Fee be added | N/A | N/A | N/A | N/A |
Application Fee | £180 | £180 | £180 | £180 |
Incentive | Free Valuation | Free Valuation | Free Valuation | Free Valuation |
Min Loan | £30,000 | £30,000 | £30,000 | £30,000 |
Max Loan | £500,000 | £500,000 | £500,000 | £500,000 |
ERCs | 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 |
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 | Repayment | Repayment | Repayment |
Purpose | Purchase | Purchase | Purchase | Purchase |
Portable | Yes | Yes | Yes | Yes |
Channel | Intermediary | Intermediary only | Intermediary only | Intermediary only |
Exclusive | No | No | No | No |
APRC | 4.3% | 4.0% | 4.3% | 4.1% |
Replacing | DR0894 | DR0895 | DR0892 | DR0893 |
Launch of new 90% LTV Band for Self Employed & Contractor
- New LTV band
- Criteria will match existing products
Product Name | Self Employed | Contractor |
Product Category | Self Employed | Contractor |
Code | DR0901 | DR0902 |
LTV | 90% | 90% |
Rate | 4.29% (SVR-1.10%) | 4.19 (SVR-1.20%) |
Rate Type | Discount | Discount |
Product Term | 3 years | 3 years |
Revert Rate | SVR-1% (4.39%) | SVR-1% (4.39%) |
Arrangement Fee | £999 | £999 |
Can Arr Fee be added | Yes | Yes |
Application Fee | £180 | £180 |
Incentive | None | None |
Min Loan | £30,000 | £30,000 |
Max Loan | £500,000 | £500,000 |
ERCs | 2% for 3 Years | 2% for 3 Years |
Overpayments | 10% p.a. penalty free | 10% p.a. penalty free |
Floor | 2% | 2% |
Min Mortgage Term | 5 Years | 5 Years |
Max Mortgage Term | 40 Years | 40 Years |
Repayment | Repayment only | Repayment only |
Purpose | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes |
Channel | Intermediary only | Intermediary only |
Exclusive | No | No |
APRC | 4.5% | 4.5% |
Replacing | N/A | N/A |
End date extensions to our Owner Occupied, Retro Fit and Self Employed & Contractor fixes
- New end dates to maintain period of fixed rate
- End date and codes are the only changes
New Product | New Code | Replacing |
3.27% 2 Year Fixed 31.03.2024 Self Employed 80% | DR0904 | DR0865 |
4.17% 2 Year Fixed 31.03.2024 Self Employed 85% | DR0905 | DR0896 |
3.17% 2 Year Fixed 31.03.2024 Contractor 80% | DR0906 | DR0866 |
4.07% 2 Year Fixed 31.03.2024 Contractor 85% | DR0907 | DR0897 |
3.07% 2 Year Fixed 31.03.2024 Owner Occupied 80% | DR0908 | DR0861 |
3.47% 5 Year Fixed 31.03.2027 Owner Occupied 80% | DR0909 | DR0862 |
3.77% 2 Year Fixed 31.03.2024 Owner Occupied 90% | DR0910 | DR0883 |
3.97% 5 Year Fixed 31.03.2027 Owner Occupied 90% | DR0911 | DR0884 |
3.07% 2 Year Fixed 31.03.2024 Retro Fit 80% | DR0914 | DR0863 |
Lending Policy Update
Please see below updates to our lending criteria that take immediate effect:
- Unsettled CCJs/Defaults are allowed up the total of £100 and up to £250 at underwriter’s discretion.
- For businesses who started trading prior to the 2020/21 tax year, we may be able to discount this pandemic year from your affordability assessment. Please speak to the Intermediary Support Team for more information.
- Properties with up to 20 acres of land can be considered providing this is not used for commercial use. We can however accept properties where the applicants are looking to purchase a hobby farm.
- A maximum of 5% in the form of a builder gifted deposit or incentive scheme is allowed subject to applicants having a minimum deposit of 5% from their own resources.
- We can consider applications from applicants who have remortgaged within the last 6 months.
- Applicants who are in their probationary period can be consider providing they have 2 years’ experience in a similar role.
- Updated list of warranty providers now being accepted:
NHBC, LABC, Premier Guarantee, ICW Limited, Buildzone, Castle 10/Checkmate, Buildassure, One Guarantee, Global Home Warranties, Q Assure, Protek, Advantage HCI, Ark Residential Insurance, *Zurich (*historical), *BLP (*historical)
Click here for A-Z Criteria Guide, which contains all of our lending criteria.