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
We’re changing our lending criteria
At Saffron For Intermediaries, we’re always listening to our brokers. That’s why we have decided to make some significant changes to our lending criteria to help applicants with more complex cases. We are proud that we are able to offer flexible solutions, making mortgages more accessible during challenging times.
Our criteria highlights include:
Changes to documentation requirements:
- We now only require 1 month’s bank statement excluding CIS workers (previously required 3 month’s)
Self Employed
We now only require 2 years trading for self-employed applicants to access our standard product range. (Previously 3 years required)
Specialist self employed products available to applicants with a minimum of 12 months trading
Contractors
Applicants only need 3 months contracting experience providing they have 2 years’ employment history in any industry/role
Day one contractors considered providing they have a minimum of 1 years work experience in their contacting sector and 2 years employment history
Changes to documentation requirements:
Copy of current contract evidencing a minimum of 3 months since the start of the contract
Last 1 months invoices
Last 1 months bank statements
Copy of latest CV
Zero-Hours Contractors
Applicants now only need a minimum of 1 year working experience as a zero-hours contractor (previously required 2 years zero hours contract experience and the applicant must have been the secondary income earner)
If both applicants are zero-hours contractors we take 100% of the main applicants income and 75% of the secondary applicants income (subject to having at least 9 months’ zero-hour contract history)
Changes to documentation requirements:
Latest P60’s
Last 3 months payslips
CV outlining previous employment history
Construction Industry Scheme (CIS) Contractors
Minimum 1 years work experience in the construction industry (previously required 2 years construction industry experience)
Applicants only need to have a minimum of 3 months CIS experience (Previously 6 months experience required)
Changes to documentation requirements:
3 months CIS payslips
3 months bank statements
Self-Build / Custom Build Mortgages
Properties with Shared Access – We can consider shared access subject to the customer having all legal rights of access and no restrictions – this can include family shared access plots.
Applicants only need 2 years Self Employed accounts (previously need 3 years accounts)
Construction type
All properties, including 100% cladding, now considered subject to a minimum of masonry to damp proof course level.
Part & Part/Interest Only
We can consider properties where the equity is less than £250,000 and the applicants are looking to use downsizing as their repayment vehicle – Location dependent
Now accepted up to 80% LTV (Maximum 60% on interest only)
Acreage
We can now consider properties with more than 20 acres of land
To view our full range of criteria, please click the link below: