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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

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

 

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