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 24 November
Please see information below regarding the mortgage changes due to take effect on Wednesday 24 November:
Overview of changes:
- First Time Buyer & JBSP FTB
o Reprice (down)
- Owner Occupied
o Reprice (down)
o New 95% LTV band
- Retro Fit
o Reprice (down)
- Self Employed & Contractor
o Discounts now 2 Year terms
o Reprice (down) of 90% products
o New 90% LTV band on fixed rates
o New 5 Year fixes
First Time Buyer & JBSP FTB
Product Name | First Time Buyer | First Time Buyer | First Time Buyer | First Time Buyer | JBSP FTB |
Product Category | First Time Buyer | First Time Buyer | First Time Buyer | First Time Buyer | JBSP FTB |
Code | DR0944 | DR0945 | DR0946 | DR0947 | DR0948 |
LTV | 90% | 90% | 95% | 95% | 95% |
Rate | 2.37 | 2.77 | 2.77 | 3.17 | 3.27 |
Rate Type | Fixed | Fixed | Fixed | Fixed | Fixed |
Product Term | 30.06.2024 (2 year) | 30.06.2027 (5 year) | 30.06.2024 (2 year) | 30.06.2027 (5 year) | 30.06.2027 (5 year) |
Revert Rate | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) |
Arrangement Fee | £999 | None | £999 | None | None |
Can Fee be added | Yes | N/A | No | N/A | N/A |
Application Fee | £180 | £180 | £180 | £180 | £180 |
Incentive | Free Valuation | Free Valuation | Free Valuation | Free Valuation | Free Valuation |
Min Loan | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 |
Max Loan | £500,000 | £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 | 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 | 10% p.a. penalty free |
Floor | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Min Mortgage Term | 5 years | 5 Years | 5 years | 5 Years | 5 Years |
Max Mortgage Term | 40 years | 40 Years | 40 years | 40 Years | 40 Years |
Repayment | Repayment | Repayment | Repayment | Repayment | Repayment |
Purpose | Purchase | Purchase | Purchase | Purchase | Purchase |
Portable | Yes | Yes | Yes | Yes | Yes |
Channel | Intermediary | Intermediary only | Intermediary only | Intermediary only | Intermediary only |
Exclusive | No | No | No | No | No |
APRC | 4.2% | 4.0% | 4.3% | 4.1% | 4.1% |
Being withdrawn | N/A | DR0917 | N/A | DR0919 | DR0903 |
Only change to criteria:
- Max 95% LTV inclusive of fees
Please note our current 2 Year Fixes (DR0916 & DR0918) are remaining on sale.
Owner Occupied & Retro Fit
Product Name | Owner Occupied | Owner Occupied | Owner Occupied | Owner Occupied | Owner Occupied | Owner Occupied | Retro Fit |
Product Category | Owner Occupied | Owner Occupied | Owner Occupied | Owner Occupied | Owner Occupied | Owner Occupied | Green Residential |
Code | DR0969 | DR0970 | DR0971 | DR0972 | DR0968 | DR0949 | DR0973 |
LTV | 80% | 80% | 90% | 90% | 80% | 95% | 80% |
Rate | 2.07 | 3.07 | 2.47 | 3.27 | 1.49 (SVR-3.9%) | 2.77 | 2.07 |
Rate Type | Fixed | Fixed | Fixed | Fixed | Discount | Fixed | Fixed |
Product Term | 30.06.2024 (2 Year) | 30.06.2027 (5 Year) | 30.06.2024 (2 Year) | 30.06.2027 (5 Year) | 2 Year | 30.06.2024 (2 year) | 30.06.2024 (2 Year) |
Revert Rate | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) |
Arrangement Fee | £999 | £999 | £999 | £999 | £999 | £999 | £999 |
Can Fee be added | Yes | Yes | Yes | Yes | Yes | No | Yes |
Application Fee | £180 | £180 | £180 | £180 | £180 | £180 | £180 |
Incentive | Free Valuation | Free Valuation | Free Valuation | Free Valuation | Free Valuation | Free Valuation | Free Valuation |
Min Loan | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 |
Max Loan | £1,000,000 | £1,000,000 | £500,000 | £500,000 | £1,000,000 | £500,000 | £1,000,000 |
ERCs | 2% for 2 years | 3% for 5 Years | 2% for 2 years | 3% for 5 Years | 1% for 2 years | 2% for 2 years | 2% for 2 years |
Overpayments | 10% p.a. penalty free | 10% p.a. penalty free | 10% p.a. penalty free | 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% | 1.49% | 2.00% | 2.00% |
Min Mortgage Term | 5 years | 5 Years | 5 years | 5 Years | 5 Years | 5 years | 5 years |
Max Mortgage Term | 40 years | 40 Years | 40 years | 40 Years | 40 Years | 40 years | 40 years |
Repayment | Repayment or interest only | Repayment only | Repayment or interest only | Repayment only | Repayment only | Repayment | Repayment or interest only |
Purpose | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Channel | Intermediary | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary |
Exclusive | No | No | No | No | No | No | No |
APRC | 3.7% | 3.5% | 3.8% | 3.7% | 3.4% | 3.9% | 3.7% |
Being withdrawn | DR0908 | DR0909 | DR0910 | DR0911 | DR0807 | N/A | DR0914 |
80% & 90% products = No change to product criteria. (NB: 90% LTV products not available to FTBs)
95% LTV product criteria:
- Free Valuation Fees
- Minimum age 21
- Repayment only
- Max 95% LTV inclusive of fees
- Minimum loan size £30,000
- Maximum loan size £500,000
- Loans over this are priced on a bespoke basis and have restricted LTV’s
Self Employed & Contractor
Product Name | Self Employed | Self Employed | Self Employed | Self Employed | Self Employed | Self Employed | Self Employed |
Category | Self Employed | Self Employed | Self Employed | Self Employed | Self Employed | Self Employed | Self Employed |
Code | DR0954 | DR0955 | DR0956 | DR0957 | DR0958 | DR0966 | DR0967 |
LTV | 60% | 80% | 90% | 80% | 90% | 80% | 90% |
Rate | 2.49 (SVR-2.9%) | 2.79 (SVR-2.6%) | 3.49 (SVR-1.9%) | 3.27 | 3.67 | 3.27 | 3.67 |
Rate Type | Discount | Discount | Discount | Fixed | Fixed | Fixed | Fixed |
Product Term | 2 Year | 2 Year | 2 Year | 31.05.2024 (2 year) | 31.05.2024 (2 year) | 31.05.2027 (5 year) | 31.05.2027 (5 year) |
Revert Rate | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) |
Arr. Fee | £499 | £499 | £499 | £999 | £999 | £999 | £999 |
Fee added | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Application Fee | £180 | £180 | £180 | £180 | £180 | £180 | £180 |
Incentive | None | None | None | None | None | None | None |
Min Loan | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 |
Max Loan | £1,000,000 | £1,000,000 | £500,000 | £1,000,000 | £500,000 | £1,000,000 | £500,000 |
ERCs | None | None | None | 2% for 2 years | 2% for 2 years | 3% for 5 years | 3% for 5 years |
Overpayments | Unlimited | Unlimited | Unlimited | 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% | 2.00% | 2.00% | 2.00% |
Min Term | 5 years | 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 | 40 Years |
Repayment | Repayment or interest only | Repayment or interest only | Repayment | Repayment or interest only | Repayment | Repayment or interest only | Repayment |
Purpose | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Channel | Intermediary | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary only |
Exclusive | No | No | No | No | No | No | No |
APRC | 4.1% | 4.2% | 4.3% | 4.3% | 4.4% | 4.0% | 4.2% |
Being withdrawn | DR0610 | DR0611 | DR0901 | DR0904 | DR0905 | N/A | N/A |
Product Name | Contractor | Contractor | Contractor | Contractor | Contractor | Contractor | Contractor |
Category | Contractor | Contractor | Contractor | Contractor | Contractor | Contractor | Contractor |
Code | DR0959 | DR0960 | DR0961 | DR0962 | DR0963 | DR0964 | DR0965 |
LTV | 60% | 80% | 90% | 80% | 90% | 80% | 90% |
Rate | 2.39 (SVR-3.0%) | 2.69 (SVR-2.7%) | 3.39 (SVR-2.0%) | 3.17 | 3.57 | 3.17 | 3.57 |
Rate Type | Discount | Discount | Discount | Fixed | Fixed | Fixed | Fixed |
Product Term | 2 Year | 2 Year | 2 Year | 31.05.2024 (2 year) | 31.05.2024 (2 year) | 31.05.2027 (5 year) | 31.05.2027 (5 year) |
Revert Rate | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) | 4.39% (SVR -1%) |
Arr. Fee | £499 | £499 | £499 | £999 | £999 | £999 | £999 |
Fee added | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Application Fee | £180 | £180 | £180 | £180 | £180 | £180 | £180 |
Incentive | None | None | None | None | None | None | None |
Min Loan | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 | £30,000 |
Max Loan | £1,000,000 | £1,000,000 | £500,000 | £1,000,000 | £500,000 | £1,000,000 | £500,000 |
ERCs | None | None | None | 2% for 2 years | 2% for 2 years | 3% for 5 years | 3% for 5 years |
Overpayments | Unlimited | Unlimited | Unlimited | 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% | 2.00% | 2.00% | 2.00% |
Min Term | 5 years | 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 | 40 Years |
Repayment | Repayment or interest only | Repayment or interest only | Repayment | Repayment or interest only | Repayment | Repayment or interest only | Repayment |
Purpose | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Channel | Intermediary | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary only | Intermediary only |
Exclusive | No | No | No | No | No | No | No |
APRC | 4.1% | 4.1% | 4.3% | 4.3% | 4.4% | 3.9% | 4.1% |
Being withdrawn | DR0615 | DR0616 | DR0902 | DR0906 | DR0907 | N/A | N/A |
No change to product criteria.
The following products are also being withdrawn from sale, and not replaced at this time:
- 3.07% 2 Year Fixed until 30.06.2024 Remortgage 80% DR0930
- 2.97% 2 Year Fixed until 30.06.2024 Remortgage 80% DR0931
- 3.77% 2 Year Fixed until 30.06.2024 Remortgage 90% DR0932
- 3.67% 2 Year Fixed until 30.06.2024 Remortgage 90% DR0933