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
Saffron Building Society Mortgage changes
Please find enclosed details of the products we are launching on Wednesday 28th April 2021. Rates have been increased and end dates extended.
Please note that DR0869 FTB 2 year fixed rate should be at 3.97% not 3.77% as previously advised.
Product Name | Owner Occupied | Owner Occupied | Retro Fit |
Product Category | Residential | Residential | Residential – Green |
Code | DR0861 | DR0862 | DR0863 |
LTV | 80% | 80% | 80% |
Rate | 3.07% | 3.47% | 3.07% |
Rate Type | Fixed | Fixed | Fixed |
Product Term | until 31.12.2023 2 year | Until 31.12.2026 5 year | Until 31.12.2023 2 year |
Revert Rate | SVR -1.0% | SVR-1.0% | SVR-1.0% |
Arrangement Fee | £999 | £999 | £999 |
Can Arr Fee be added | Yes | Yes | Yes |
Application Fee | £180 | £180 | £180 |
Incentive | Free Val | Free Val | Free Val |
ERCs | 2% for 2 years | 3% for 5 years | 2% for 2 years |
Purpose | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes | Yes |
Channel | Intermediary | Intermediary | Intermediary |
Exclusive | No | No | No |
APRC | 4.0% | 3.8% | 4.0% |
Product Name | Self Employed | Contractor |
Product Category | Self Employed | Contractor |
Code | DR0865 | DR0866 |
LTV | 80% | 80% |
Rate | 3.27% | 3.17% |
Rate Type | Fixed | Fixed |
Product Term | Until 31.12.2023 2 year | Until 31.12.2023 2 year |
Revert Rate | SVR -1.0% | SVR-1.0% |
Arrangement Fee | £999 | £999 |
Can Arr Fee be added | Yes | Yes |
Application Fee | £180 | £180 |
Incentive | None | none |
ERCs | 2% for 2 years | 2% for 2 years |
Purpose | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes |
Channel | Intermediary | Intermediary |
Exclusive | No | No |
Proc Fee Set | Self Employed | Contractor |
Rule Set | Self Employed | Contractor |
Product Name | Self Employed | Contractor |
Product Category | Self Employed | Contractor |
Code | DR0865 | DR0866 |
LTV | 80% | 80% |
Rate | 3.27% | 3.17% |
Rate Type | Fixed | Fixed |
Product Term | Until 31.12.2023 2 year | Until 31.12.2023 2 year |
Revert Rate | SVR -1.0% | SVR-1.0% |
Arrangement Fee | £999 | £999 |
Can Arr Fee be added | Yes | Yes |
Application Fee | £180 | £180 |
Incentive | None | none |
ERCs | 2% for 2 years | 2% for 2 years |
Purpose | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes |
Channel | Intermediary | Intermediary |
Exclusive | No | No |
APRC | 4.3% | 4.3% |
Product Name | Retirement Interest Only | Retirement Interest Only (POA) |
Product Category | Residential | Residential |
Code | DR0867 | DR0868 |
LTV | 50% | 50% |
Rate | 3.37% | 3.17% |
Rate Type | Fixed | Fixed |
Product Term | Until 30.11.2024 (3 years) | Until 30.11.2024 3 years) |
Revert Rate | SVR (5.39%) | SVR (5.39%) |
Arrangement Fee | £999 | £999 |
Incentive | None | None |
Min Loan | £30,000 | £30,000 |
Max Loan | £1,000,000 Build to £3m | £1,000,000 Build to £3m |
ERCs | 3% for 3 years | 3% for 3 years |
APRC | 5.2% | 5.2% |
Product Name | First Time Buyer | First Time Buyer | JBSP -First time Buyer |
Product Category | Residential | Residential | Residential |
Code | DR0869 | DR0870 | DR0873 |
LTV | 90% | 90% | 95% |
Rate | 3.77% | 4.07% | 4.27% |
Rate Type | Fixed | Fixed | Fixed |
Product Term | Until 30.11.2023 (2 year) | Until 30.11.2026 (5 year) | Until 30.11.2026 (5 year) |
Revert Rate | SVR -1.0% | SVR -1.0% | SVR-1.0% |
Arrangement Fee | Fee Free | Fee Free | Free Fee |
Incentive | Free valuation | Free Valuation | Free Valuation |
ERCs | 2% for 2 years | 3% for 5 years | 3% for 5 years |
Repayment | Repayment | Repayment | Repayment |
Purpose | Purchase | Purchase | Purchase |
Portable | Yes | Yes | Yes |
Channel | Intermediary | Intermediary | Intermediary |
APRC | 4.4% | 4.4% | 4.5% |
Product Name | Everyday BTL |
Product Category | BTL |
Code | DR0874 |
LTV | 75% |
Rate | 3.97% |
Rate Type | Fixed |
Product Term | Until 31.10.2026 5 year |
Revert Rate | SVR 5.39% |
Arrangement Fee | 1.50% |
Can Arr Fee be added | Yes |
Application Fee | £200 |
Incentive | None |
ERCs | 3% for 5 years |
Purpose | Purchase or remortgage |
Portable | Yes |
Channel | Intermediary |
Exclusive | No |
APRC | 5.0% |
Products to be withdrawn
DR0830 Owner Occupied 2.67% 2 year fixed until 31.7.2023
DR0831 Owner Occupied 3.07% 5 year fixed until 31.7.2026
DR0832 Retro Fit 2.67% 2 year fixed until 31.7.2023
DR0833 Retro Fit EIR 2.57% 2 year fixed until 31.7.2023
DR0834 Self Employed 3.07% 2 year fixed until 31.8.2023
DR0835 Contractor 2.87% 2 year fixed until 31.8.2023
DR0822 FTB 3.77% 2 year fixed until 31.8.2023
DR0823 FTB 4.07% 5 year fixed until 31.8.2026
DR0838 JBSP FTB 4.17% 5 year fixed until 31.8.2026
DR0836 RIO (POA) 3.17% 3 year fixed until 31.8.2024
DR0837 RIO 3.37% 3 year fixed until 31.8.2024
DR0826 Everyday BTL 3.47% 5 year fixed until 31.8.2026
Saffron BS – NEW product 28 April
On Wednesday (28 April) we will be launching two new products:
Self Build Large Loan – NEW
Our current products have a maximum balance of £1,000,000 and the new products will sit ‘on top’ of these, supporting larger loans.
Product Name | Self Build Large Loan | Self Build Large Loan |
Product Category | Self Build | Self Build |
Code | DR0857 | DR0858 |
LTV | 65% of purchase price 100% of the build costs 75% max Gross Development Value | 80% of purchase price 80% of the build costs 80% max Gross Development Value |
Rate | 4.49% (SVR-0.9%) | 4.69% (SVR-0.7%) |
Rate Type | Discount | Discount |
Product Term | 24 Months | 24 Months |
Revert Rate | SVR-1% | SVR-1% |
Arrangement Fee | 1% | 1% |
Can Arr Fee be added | Yes | Yes |
Application Fee | £300 | £300 |
Incentive | None | None |
Min Loan | £1,000,000.01 | £1,000,000.01 |
Max Loan | £2,000,000 | £2,000,000 |
ERCs | None | None |
Overpayments | Unlimited | Unlimited |
Floor | 2% | 2% |
Min Mortgage Term | 5 Years | 5 Years |
Max Mortgage Term | 40 Years | 40 Years |
Repayment | Repayment or interest only | Repayment or interest only |
Purpose | Purchase or remortgage | Purchase or remortgage |
Portable | No | No |
APRC | 4.6% | 4.6% |
Product Criteria
- Minimum age 21
- Minimum term 5 Years
- Maximum term 40 Years
- Owner Occupied only
- Minimum loan size: £1,000,001. Maximum loan size: £2,000,000. Loans over this are priced on a bespoke basis and have restricted LTV’s
- Interest only or repayment
- Interest only subject to meeting lending policy and having an acceptable repayment strategy. If taken for the full term of the mortgage, available to a maximum 70% GDV
- If the mortgage is taken out on a repayment basis, interest only is available for the build period up to a maximum of 24 months. You must explain the consequences of this to your client and evidence this in your suitability letter
- Available for custom-build
- Available for first time buyers
- Loan must be fully serviced by applicants’ income
- Outline planning permission at decision in principle
- Full planning permission needed before going to valuation
- Full breakdown of works together with costings and architectural drawings required. A minimum contingency of 5% must be shown within the costings.
- Funds can be drawn down in flexible stage payments to suit the clients’ needs (no more than one drawdown per month) subject to re-inspection. The flexible stage payments will be taken in arrears.
- Retained funds must be drawn within the first 24 months or will be removed from the loan
- We reserve the right to instruct that a Quantity Surveyor be appointed. The customer would be responsible for appointing the Quantity Surveyor, covering all the costs involved and would also be required to provide the Society with copies of the interim reports from the Quantity Surveyor at each drawdown request.
- A progress report and/or quantity surveyor report will be required at each drawdown before funds will be released
- We reserve the right, over the life of the project, to appoint an industry professional, at the customer’s cost, to manage and oversee the completion of the project.
- A new home warranty/certificate is required from one of the following:
o NHBC
o Premier Guarantee
o BLP
o ICW Limited
o Buildzone
o LABC
Saffron Building Society Mortgage changes
Please find enclosed details of the products we are launching on Wednesday 28th April 2021. Rates have been increased and end dates extended.
Product Name | Owner Occupied | Owner Occupied | Retro Fit |
Product Category | Residential | Residential | Residential – Green |
Code | DR0861 | DR0862 | DR0863 |
LTV | 80% | 80% | 80% |
Rate | 3.07% | 3.47% | 3.07% |
Rate Type | Fixed | Fixed | Fixed |
Product Term | until 31.12.2023 2 year | Until 31.12.2026 5 year | Until 31.12.2023 2 year |
Revert Rate | SVR -1.0% | SVR-1.0% | SVR-1.0% |
Arrangement Fee | £999 | £999 | £999 |
Can Arr Fee be added | Yes | Yes | Yes |
Application Fee | £180 | £180 | £180 |
Incentive | Free Val | Free Val | Free Val |
ERCs | 2% for 2 years | 3% for 5 years | 2% for 2 years |
Purpose | Purchase or remortgage | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes | Yes |
Channel | Intermediary | Intermediary | Intermediary |
Exclusive | No | No | No |
APRC | 4.0% | 3.8% | 4.0% |
Product Name | Self Employed | Contractor |
Product Category | Self Employed | Contractor |
Code | DR0865 | DR0866 |
LTV | 80% | 80% |
Rate | 3.27% | 3.17% |
Rate Type | Fixed | Fixed |
Product Term | Until 31.12.2023 2 year | Until 31.12.2023 2 year |
Revert Rate | SVR -1.0% | SVR-1.0% |
Arrangement Fee | £999 | £999 |
Can Arr Fee be added | Yes | Yes |
Application Fee | £180 | £180 |
Incentive | None | none |
ERCs | 2% for 2 years | 2% for 2 years |
Purpose | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes |
Channel | Intermediary | Intermediary |
Exclusive | No | No |
Proc Fee Set | Self Employed | Contractor |
Rule Set | Self Employed | Contractor |
Product Name | Self Employed | Contractor |
Product Category | Self Employed | Contractor |
Code | DR0865 | DR0866 |
LTV | 80% | 80% |
Rate | 3.27% | 3.17% |
Rate Type | Fixed | Fixed |
Product Term | Until 31.12.2023 2 year | Until 31.12.2023 2 year |
Revert Rate | SVR -1.0% | SVR-1.0% |
Arrangement Fee | £999 | £999 |
Can Arr Fee be added | Yes | Yes |
Application Fee | £180 | £180 |
Incentive | None | none |
ERCs | 2% for 2 years | 2% for 2 years |
Purpose | Purchase or remortgage | Purchase or remortgage |
Portable | Yes | Yes |
Channel | Intermediary | Intermediary |
Exclusive | No | No |
APRC | 4.3% | 4.3% |
Product Name | Retirement Interest Only | Retirement Interest Only (POA) |
Product Category | Residential | Residential |
Code | DR0867 | DR0868 |
LTV | 50% | 50% |
Rate | 3.37% | 3.17% |
Rate Type | Fixed | Fixed |
Product Term | Until 30.11.2024 (3 years) | Until 30.11.2024 3 years) |
Revert Rate | SVR (5.39%) | SVR (5.39%) |
Arrangement Fee | £999 | £999 |
Incentive | None | None |
Min Loan | £30,000 | £30,000 |
Max Loan | £1,000,000 Build to £3m | £1,000,000 Build to £3m |
ERCs | 3% for 3 years | 3% for 3 years |
APRC | 5.2% | 5.2% |
Product Name | First Time Buyer | First Time Buyer | JBSP -First time Buyer |
Product Category | Residential | Residential | Residential |
Code | DR0869 | DR0870 | DR0873 |
LTV | 90% | 90% | 95% |
Rate | 3.77% | 4.07% | 4.27% |
Rate Type | Fixed | Fixed | Fixed |
Product Term | Until 30.11.2023 (2 year) | Until 30.11.2026 (5 year) | Until 30.11.2026 (5 year) |
Revert Rate | SVR -1.0% | SVR -1.0% | SVR-1.0% |
Arrangement Fee | Fee Free | Fee Free | Free Fee |
Incentive | Free valuation | Free Valuation | Free Valuation |
ERCs | 2% for 2 years | 3% for 5 years | 3% for 5 years |
Repayment | Repayment | Repayment | Repayment |
Purpose | Purchase | Purchase | Purchase |
Portable | Yes | Yes | Yes |
Channel | Intermediary | Intermediary | Intermediary |
APRC | 4.4% | 4.4% | 4.5% |
Product Name | Everyday BTL |
Product Category | BTL |
Code | DR0874 |
LTV | 75% |
Rate | 3.97% |
Rate Type | Fixed |
Product Term | Until 31.10.2026 5 year |
Revert Rate | SVR 5.39% |
Arrangement Fee | 1.50% |
Can Arr Fee be added | Yes |
Application Fee | £200 |
Incentive | None |
ERCs | 3% for 5 years |
Purpose | Purchase or remortgage |
Portable | Yes |
Channel | Intermediary |
Exclusive | No |
APRC | 5.0% |
Products to be withdrawn
DR0830 Owner Occupied 2.67% 2 year fixed until 31.7.2023
DR0831 Owner Occupied 3.07% 5 year fixed until 31.7.2026
DR0832 Retro Fit 2.67% 2 year fixed until 31.7.2023
DR0833 Retro Fit EIR 2.57% 2 year fixed until 31.7.2023
DR0834 Self Employed 3.07% 2 year fixed until 31.8.2023
DR0835 Contractor 2.87% 2 year fixed until 31.8.2023
DR0822 FTB 3.77% 2 year fixed until 31.8.2023
DR0823 FTB 4.07% 5 year fixed until 31.8.2026
DR0838 JBSP FTB 4.17% 5 year fixed until 31.8.2026
DR0836 RIO (POA) 3.17% 3 year fixed until 31.8.2024
DR0837 RIO 3.37% 3 year fixed until 31.8.2024
DR0826 Everyday BTL 3.47% 5 year fixed until 31.8.2026