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

The following mortgage products will be launching on Wednesday 2nd December 2020.

All have extended term end dates. The RIO also have a reduction in rates.

We are also making the following key changes to our criteria

Self Employed

Our standard product range require a minimum of 3 years 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

Our specialist Self-employed requires a Minimum of 1 year trading; the latest years figures will typically be used for affordability purposes.

Contractor

  • All types of contact are considered, including CIS contractors who must provide
  • 6 months’ payslips and
  • 6 months bank statements; and
  • Evidence of existing or new contract
  • Curriculum vitae

Applicants must have 2 years industry experience

Short Term Contractors (including contractors employed under an umbrella company contract)

  • 3 months bank statements and 3 months invoices; and
  • Evidence of existing or new contract

Applicants must have 2 years’ experience within the same type of employment, a minimum of 3 months contract history backed by 3 months bank statements and invoices.

Income to be calculated as Daily Rate x 5 x 48.

Products to be withdrawn

DR0790 Self-employed 2 year fixed

DR0791 Contractor 2 year fixed

DR0798 Ex-Pat BTL  4.27% 5 year fixed

DR0792 RIO (POA) 3.27% 3 year fixed

DR0793 RIO 3.47% 3 year fixed

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