Brilliant Solutions

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

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.

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