The Saffron makes criteria enhancements

Published on

Saffron Building Society

Saffron For Intermediaries has improved its buy-to-let and first-time buyer lending criteria.

For buy-to-let, the minimum income requirement (previously £25,000 per annum gross) has been removed. The Society now only requires that one applicant is in receipt of earned or pension income and is registered for UK tax.

The maximum LTV has also recently been increased to 80% for fixed rate BTL applications.

Meanwhile, first time buyers no longer require a 12-month rental history, which the mutual says reflects the fact that many first time buyer applicants now live at home with parents and don’t pay rent. It does require evidence of regular savings and/or contributions being made to the parental household.

Peter Izard, head of mortgages at the dedicated broker channel of Saffron Building Society, said: “These criteria changes further strengthen our buy-to-let and first-time buyer propositions, both of which had a further boost last week when we announced the launch of a limited tranche of 2-year fixed rate funding.

“Our new fixed rates start from 3.47% for employed and self-employed borrowers and are available up to 95% LTV for both first-time buyers and next-steppers.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

More2life unveils Tailored Interest Reward lifetime mortgage

More2life has launched its latest lifetime mortgage, Tailored Interest Reward, designed to provide later...

Pivot provides complex multi-loan deal for Denby Dale development

Pivot has completed a funding package consisting of three loans for a residential development...

HREF reports record month for lending

Hilco Real Estate Finance (HREF) has recorded its strongest month to date, completing three...

Mortgage advisers failing over-50s on later life lending, Key warns

Mortgage advisers are not doing enough to support over-50s with later life lending options,...

Other news

More2life unveils Tailored Interest Reward lifetime mortgage

More2life has launched its latest lifetime mortgage, Tailored Interest Reward, designed to provide later...

Pivot provides complex multi-loan deal for Denby Dale development

Pivot has completed a funding package consisting of three loans for a residential development...

HREF reports record month for lending

Hilco Real Estate Finance (HREF) has recorded its strongest month to date, completing three...