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
Next Wednesday (1st February), we will be launching the below Occupational, RIO and BTL products. This will see rates being reduced as well as the reintroduction of 90% Contractor fixed rates and BTL and LTD Company BTL discount rates.
In addition, Owner Occupied and Contractor products up to 80% LTV will have an increased maximum loan size of £2m (currently £1m).
Product Name | Self Employed | Self Employed | Contractor | Contractor | Contractor | Contractor |
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Code | DR1135 | DR1153 | DR1115 | DR1117 | DR1116 | DR1118 | ||
LTV | 80% | 80% | 80% | 80% | 90% | 90% | ||
Rate | 5.87% | 5.57% | 5.77% | 5.47% | 6.17% | 6.17% | ||
Rate Type | Fixed | Fixed | Fixed | Fixed | Fixed | Fixed | ||
Product Term | 2 years until 31.07.2025 | 5 years until 31.07.2028 | 2 years until 31.07.2025 | 5 years until 31.07.2028 | 2 years until 31.07.2025 | 5 years until 31.07.2028 | ||
Revert Rate | SVR-1 | SVR-1 | SVR-1 | SVR-1 | SVR-1 | SVR-1 | ||
Arr. Fee | £999 | £999 | £999 | £999 | £999 | £999 | ||
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 | £2,000,000 | £2,000,000 | £500,000 | £500,000 | ||
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% | 10% | 10% | 10% | 10% | 10% | ||
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 | Cap Rep and I/O | Cap Rep and I/O | Cap Rep and I/O | Cap Rep and I/O | Repayments Only | Repayments Only | ||
Purpose | Purchase and remortgage | Purchase and remortgage | Purchase and remortgage | Purchase and remortgage | Purchase and remortgage | Purchase and remortgage | ||
Portable | Yes | Yes | Yes | Yes | Yes | Yes | ||
Channel | Intermediary | Intermediary | Intermediary | Intermediary | Intermediary | Intermediary | ||
Exclusive | No | No | No | No | No | No | ||
APRC | 6.6% | 6.3% | 6.6% | 6.2% | 6.7% | 6.6% | ||
Replacing | DR1093 | DR1094 | DR1084 | DR1085 | N/A | N/A | ||
Criteria | Self Employed | Contractor | ||||||
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 |
Income Documents Required
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Product Name | RIO Mortgage POA | RIO Mortgage | RIO Mortgage POA | RIO Mortgage |
Code | DR1155 | DR1156 | DR1157 | DR1158 |
LTV | 50% | 50% | 50% | 50% |
Rate | 4.49% | 4.79% | 5.87% | 5.97% |
(SVR-3.00%) | (SVR-2.70%) | |||
Rate Type | Discount | Discount | Fixed | Fixed |
Product Term | 2 years | 2 years | 5 years | 5 years |
Revert Rate | SVR | SVR | SVR | SVR |
Arr. Fee | £499 | £499 | £999 | £999 |
Fee added | Yes | Yes | Yes | Yes |
Application Fee | None | None | None | None |
Incentive | None | None | None | None |
Min Loan | £30,000 | £30,000 | £30,000 | £30,000 |
Max Loan | £1,000,000 | £1,000,000 | £1,000,000 | £1,000,000 |
ERCs | 2% for 2 Years | 2% for 2 Years | 3% for 5 Years | 3% for 5 Years |
Overpayments | 20% | 20% | 20% |
Saffron BS – Mortgage Changes 1 February 2023
For clarification, the increased max loan size of £2m will apply to the below products only.
Category | LTV | Rate | Type | Term | SBS Code |
Contractor | 60% | 4.49% | Discount | 2 Years | DR0959 |
Contractor | 80% | 4.79% | Discount | 2 Years | DR0960 |
Contractor | 80% | 5.77% | Fixed | 2 Years | DR1115 |
Contractor | 80% | 5.47% | Fixed | 5 Years | DR1117 |
Owner Occupied | 80% | 3.89% | Discount | 2 Years | DR1128 |
Owner Occupied | 80% | 5.37% | Fixed | 2 Years | DR1130 |
Owner Occupied | 80% | 5.07% | Fixed | 5 years | DR1131 |
Product Launch 01 February 2023
New rates to start the month!
We continue to develop our offering with rate reductions across our Occupational, Retirement Interest Only and Buy To Let products as well as the reintroduction of 90% Contractor fixed rates and Buy To Let discount rates.
Did you know…
Our Limited Co BTL is available to First Time Buyer / First Time Landlord and we use the same rental calculation regardless of tax rate:
- 2 Year fixed rates: Rental cover 125% of either pay rate +2% or 5.5% whichever is higher
- 5 year fixed rates: Rental Cover 125% of pay rate