Saffron Building Society

Mortgage Type

Buy To Let

Property Value (min)

£100,000

Advance (min)

£30,000

Advance (max)

£1,000,000 to 75% LTV (Anything above, referred) or product specific

Term (Max)

35 years

Minimum Age

Minimum age is 21 years

Maximum Age

No maximum age. Maximum term is defined by ONS data.

Family Cash Gift Deposit

Yes - they require a letter stating no repayment will be made and no interest in property - immediate family only, such as grandparents, parents, siblings, children and grandchildren

Family Gift of Equity Deposit

Yes - Provided the valuation is confirmed by the valuer as being the true value and the correct level of Stamp Duty is being paid i.e on the full price - immediate family only, such as grandparents, parents, siblings, children and grandchildren

Income (min)

£25,000

CIS Worker scheme: - a minimum of three months’ CIS contracting experience and one year’s industry experience. The Society takes the applicant’s average income from the last three months into account.

Restrictions

No restrictions on number of BTL's with other lenders.
No minimum requirements to have current BTL's for single BTL's
10 or max borrowing of £1.5m specifically with Saffron

• Ltd Company BTL at 75% LTV
o Allow new SPVs
o Ltd co must be set up with the sole purpose of holding property
o Property must be let on an AST
o Rental assessment is based on occupation by 1 family on an unfurnished let
o Up to 4 Directors (must be named as shareholders)
o Must be home owner occupiers
o Regulated or Consumer buy to let not accepted

Let to Buy (Turning Residential into Buy to Let)

Yes, after 6 months ownership for Residential to Buy to Let conversion

DWP Tenants

Yes

Ex-Local Authority Properties

Houses - Yes
Flats – Yes, no deck access/balcony access - can be considered at a max LTV of 70% and subject to underwriting and valuation

Minimum years remaining on leasehold property

50 years remaining on the lease at the end of the mortgage term

Minimum Ownership

Minimum time previously owned by vendor AND minimum time owned before remortgage is: -
6 months - inheritance circumstances can be considered but on a case by case basis

Permanent rights to reside and remain

Yes (unless Ex-Pat)

VISA's: -

Accept skilled Worker, Health & Care Worker and Global talent Visas subject to:
• Maximum LTV of 75%
• Remaining term of visa exceeds fixed term period

Ex-Patriates

Max 75% LTV. Applicants must be UK Nationals.
Must have a UK Bank Account from which the mortgage payments will be paid from.
Can consider a First time landlord and First time buyer
No restrictions on country of residence or for the client to have a current UK mortgage.

Not available to applicants living in an EEA country

Restricted countries:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

New Builds

New Build Houses acceptable. Renovation or conversion considered
Max 75% LTV on C&I repayment
Max 60% LTV on Interest Only

Credit Score

Yes - must be over 600+ on Experian

Rental Calculation

Pound for pound remortgages – 125% of pay rate­

5 year fixed rate – New purchase or capital raising – 140% at Payrate

Any other scenario, either pay rate plus 2% x 140% or 5.5% by 140%, whatever is the higher
Based upon Interest only BTL mortgage payment.
Rental assessment will be based on 1 single family

Historic CCJ’s & Defaults

All CCJ’s and defaults must be satisfied, small amounts of adverse can be considered. Other adverse is to be considered on a case by case basis – will be referred

Unsettled CCJs/Defaults are allowed up to the total of £100 and up to £500 at underwriter’s discretion

Valuation Fees

Paid direct to lender at the lender fee scales

Maximum number of applicants

Maximum 4 applicants

Countries

Will lend in England and Wales

Access

Access to Saffron is available via selected packagers ONLY, select 3mc as your route.

Missed mortgage payments

None in last 12 - 2/3 years considered by exception

Property Type / Commercial

Property must be let on an AST
Rental assessment is based on occupation by 1 family on an unfurnished let
Minimum energy performance rating of E on an Energy Performance Certificate (EPC)

BTL Light Refurb is also available
• If the amount of lending required is the maximum percentage of end value, state this clearly on the application form
• Rental Cover based on after works rental assessment
o Rental cover 140% of either pay rate + 2% or 5.5%, whichever is higher
• Evidence of savings to support 3 months mortgage payments whilst refurbishment works undertaken
• Work must be completed within 3 months of completion and prior to letting out
• Additional funds released after a satisfactory re-inspection and confirmation of improved end value and rental income
• Property must be let on an AST
• Rental assessment is based on occupation by 1 family on an unfurnished let
• Limited Company accepted
• LTV not to exceed figure stated at any stage
• For portfolio landlords the maximum LTV INCLUDING fees is 75%
• Interest only or repayment
• Maximum loan size £1,000,000. Loans over this are priced on a bespoke basis and have restricted LTV’s
• Regulated buy to let accepted – either now or in the future, you or an immediate family member will occupy the premises or be a tenant. (The definition of an immediate family member includes: parents, grandparents, child, grandchild, brother or sister.)

Location

Will lend in England and Wales.

Type of Credit Search conducted at AIP stage

Soft foot print

Portfolio Landlords

Portfolio Landlords Accepted

Background Portfolio Requirements

– Maximum 75% LTV for the overall portfolio both individually & collectively
– A minimum rental stress of 125% at pay rate both individually & collectively

Portfolio Landlord Criteria

– Up to 10 properties with Saffron to an aggregate borrowing of up to £1.5m
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
– Cashflow Statement – All cases
* Lender will not accept client versions of the documents