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

Saffron BS – mortgage changes 28 July

Please see information below regarding the mortgage changes due to take effect on Wednesday 28 July:

  • First Time Buyer 90% = reprice (down)
  • First Time Buyer 95% = new LTV band
  • Self Employed 85% = new LTV band
  • Contractor 85% = new LTV band

Product Criteria – no change from current

Free valuation fees • Gifted Deposits acceptable • Minimum age 21 • Repayment only • Max LTV (90% or 95%) inclusive of fees • Minimum loan size: £30,000 • Maximum loan size: £500,000 • Minimum Mortgage term: 5 years • Maximum Mortgage term: 40 Years • We allow new build houses up to 90% LTV, new build flats restricted to 75% LTV

The interest rate charged will not fall below 2.00% (the minimum interest rate) at any point during the mortgage.

 Withdrawals:

DR0869 & DR0870

Self Employed Product Criteria – no change from current:

Minimum 12 months’ accounts plus a projection of future earnings • 3 months’ personal and business bank statements • Minimum age 21 • Minimum term 5 years • Repayment only • Minimum loan size £30,000 Maximum loan size £500,000 Loans over this are priced on a bespoke basis and have restricted LTV’s 

The interest rate charged will not fall below 2.00% (the minimum interest rate) at any point during the mortgage.

Contractor Product Criteria – no change from current:

Evidence of existing or new contract • All types of contracts are considered, including CIS Contractors • Income calculated as Daily Rate x 5 x 48 • Minimum Age 21 • Minimum term 5 years • Repayment only • Minimum loan size £30,000 • Maximum loan size £500,000 Loans over this are priced on a bespoke basis and have restricted LTV’s 

The interest rate charged will not fall below 2.00% (the minimum interest rate) at any point during the mortgage.

Income Documents Required – no change from current

  • Current and previous contract • Last 3 months’ invoices • Last 3 months’ bank statements showing invoice credits • CV outlining previous employment history • CIS contractors to provide 6 months bank statements and payslips
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