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Saffron Building Society

Mortgage Type

Buy To Let

Property Value (min)

£100,000

Advance (min)

£30,000
£60,000 for HMO

Advance (max)

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

Term (Max)

35 years

Minimum Age

25 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

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

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)

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.

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

Limited Company – Rental cover 125% of pay rate + 2% or 5.5%, whichever is higher

Limited Company – Rental Cover on debt for debt re-mortgage cases 125% of pay rate. Fees may be added to the loan

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

Valuation Fees

Paid direct to lender at the lender fee scales

Maximum number of applicants

Maximum 4 directors or applicants, in ltd company scenario, all must be directors, individual checks will be done.

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
For portfolio landlords the maximum LTV INCLUDING fees is 75%
Minimum energy performance rating of E on an Energy Performance Certificate (EPC)
All Shareholders in the Company must be named as Directors
Latest set of accounts to be provided (where the company has been set up for more than 18 months)
All Shareholders in the Company must be named as Directors
Guarantees required from directors
Details of all properties each Director has an ownership in (either in own name or a business name) must be provided

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