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
Changes to our lending criteria
We are really excited to announce a significant overhaul of our criteria on 28 August.
This is the start of a rolling review of our criteria and it’s all part of our mission to #EmbraceDifferent and give your clients more ways to realise their ambitions.
Highlights from the criteria refresh include:
Income
We will now use a pension pot or investment value in our affordability assessment based on the mortgage term, which means a big improvement in the amount we can consider
BTL Top slicing – personal income can be utilised to cover a rental income ICR shortfall.
Visas
We will accept applications from clients holding the following Visas who have resided in the UK for a minimum of two years:
Skilled Worker
Health & Care Worker
Global Talent
Spousal
Pre-settled Status
Maximum of 90% LTV with a minimum income of £75,000 above 75% LTV.
No minimum remaining term of current Visa.
Self Employed Income
Add-back of voluntary pension contributions can be considered when calculating affordability.
To read more about the full criteria changes, click here.
Don’t forget you can check the full A-Z lending criteria, where you can search for a specific topic. All new criteria changes will be updated when they go live on 28 August.
To secure a product on our current criteria, we require a full mortgage application to be submitted, with all fees paid, by 5pm Tuesday 27 August.
To view a full list of our current mortgage products, visit our website.
To discuss what these changes mean for you and your cases, please contact the IST team on 01799 582925 or [email protected] . Alternatively speak to your BDM using our BDM finder