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.
Criteria Enhancements for Self Employed and Contractor Mortgages, extended product end dates for Self Employed, Contractor, Expat and RIO, and interest changes for RIO. All from 2 December.
We are delighted to announce that we have made some changes to how we assess self employed and contractor incomes. We’ve also reduced interest rates on our Retirement Interest Only range and extended the end dates on a number of our fixed rate products:
- Self Employed 3.07% 2 year fixed until 30.04.2023 80% LTV Arrangement fee £999
- Contractor 2.87% 2 Year fixed until 30.04.2023 80% LTV Arrangement fee £999
- RIO 3.37% 3 year fixed until 31.03.2024 50% LTV Arrangement fee £999
- RIO Power of Attorney 3.17% 3 year fixed until 31.03.2024 50% LTV Arrangement fee £999
Buy To Let Range
- Expat BTL 4.27% 5 year fixed until 30.04.2026 75% LTV Arrangement fee 2.00%
Criteria Enhancements – Ways we will look at your Self Employed or Contractor Clients
Our Self Employed product ranges requires a minimum of 1 year trading, with the latest years figures typically being used for affordability purposes.
Our standard product ranges require a minimum of 3 years of trading. For applicants with a rising or downward trend of income we will typically use latest figures for affordability purposes. For applicants with fluctuating income we will typically use average figures for affordability purposes.
All types of contracts are considered, including CIS Contractors and Umbrella Companies. For CIS contractors we will need to see the last 6 months bank statements and payslips. For Umbrella Companies, payslips are preferred to invoices and should include all relevant deductions, such as Umbrella Company fee.
Full product details can be found below: