Upcoming Website Maintenance:
Our website will undergo maintenance on Wednesday, 5th February from 06:00 to 08:55 as part of our commitment to keeping you updated with the latest information. Please note, our Online Mortgage Portal will be temporarily inaccessible during this period.
We apologise for any inconvenience this may cause.
Here you can find our A-Z lending criteria.
Accountants must have one of the following qualifications/certifications:
These are sent directly to the applicant’s accountant at the underwriter’s discretion via post. Should you wish the accountants reference to be sent by email, please add a note to an application and the email address of the accountant.
Properties with up to 20 acres of land are acceptable providing this is not used for commercial use.
We do allow properties where land is used for hobby farming and personal equestrian use.
Properties over 20 acres can be consider subject to underwriters discretion and subject to valuers comments. Please refer to the Intermediary Support Team
If the applicant is already a Saffron Building Society mortgage holder and looking for further borrowing they will need to contact our Retentions Team Telephone – 0800 072 1100 and select option 2, then option 1
Accepted, no limit on additional properties.
The Society defines additional / secondary income as;
Of which we can take;
We use Experian as our credit referencing agency and apply minimum Credit Score and maximum Indebtedness Index parameters as part of our lending decision.
Missed mortgage payments
No more than one occurrence within the last 12 months and no more than two occurrences in the last 24 months.
Unsecured arrears
No more than two occurrences within the last 24 months
CCJs and Defaults
Unsettled CCJs and Defaults:
Unsettled CCJs are allowed up the value of £100, however if the CCJ is under £500 and still outstanding please refer to the Intermediary Support Team.
Settled CCJs and Defaults:
IVAs/Debt Management Plans
Must be settled for three years
Bankruptcies
Must be discharged over 5 years ago
Our affordability calculators can be found under the “Calculators” tab on the website – please select the appropriate calculator.
For further assistance please contact the Intermediary Support Team - 01799 582925
The applicant must have a minimum of 1 years history of working experience as an agency worker, but this can be with different companies.
We require the latest P60 with 3 months payslips and 3 months bank statements.
Unacceptable.
Acceptable subject to property not being sublet.
Annexes with separate utilities or plot access will not be accepted.
Refer to the Intermediary Support Team - 01799 582925
We require the last 3 months advice slips and/or the latest P60
A max of 4 applicants on a Full Mortgage Application can be considered; only the 2 highest incomes can be used to support affordability.
If looking for a joint borrower sole proprietor first time buyer mortgage we can consider up to 3 incomes.
All applications must be submitted online via the Saffron for Intermediaries Portal, we do not a have paper based application or a data capture form.
Can be considered however please note we are unable to guarantee we can meet the exchange deadline
We can consider applications from applicants remortgaging within the last 6 months.
Refer to Intermediary Support Team
Applicant must have been discharged bankrupt a minimum of 5 years.
Please note we require the applicant to have a minimum Experian score of 800.
100% of basic salary + guaranteed allowances (e.g. area weighting allowance, car allowance, and housing allowance)
We cannot take benefit income into account for affordability
Max 5 storeys without a lift, no maximum number of storeys if property has a lift.
Maximum of 1 flat per block per customer or 10% per block in aggregate.
We can consider outside of these by exception only – please refer to the Intermediary Support Team on 01799 582925.
We can consider bonus income for affordability purposes:
50% (non-guaranteed) – we will require 3 months bank statements and payslip.
If the applicant has more than 2 continuous year’s track history then, by underwriters discretion, we can look at 75% of the bonus.
Self-employed applicants with bounce back loans (or other Covid related assistance) can be considered, provided the assistance is warranted and justified.
Unacceptable.
It is a condition of all Saffron Building Society mortgage offers that appropriate buildings insurance cover is held over the security property for the duration of the mortgage term
A maximum of 5% in the form of a builder gifted deposit or incentive (e.g. Stamp duty and deposit) scheme is allowed subject to applicants having a minimum deposit of 5% from their own resources.
A maximum of 5% in the form of a builder gifted deposit or incentive (e.g. Stamp duty and deposit) scheme is allowed subject to applicants having a minimum deposit of 5% from their own resources.
Can be considered although documentary evidence may be required i.e., quotes for building works. Capital raising can be done for the following:
Debt consolidation is limited up to 80% LTV max.
We will not consider requests to capital raise for the following:
Unsettled CCJs
Unsettled CCJs are allowed up the value of £100, however if the CCJ is under £500 and still outstanding please refer to the Intermediary Support Team.
Settled CCJs
Unacceptable.
Unacceptable.
Can consider on our “Contractor” product range.
We require the following:
100% cladding on a property is acceptable, subject to valuers comments.
Leasehold coach houses acceptable subject to the individual valuer comments, freehold coach houses unacceptable.
Can be considered subject to type of commercial, location and subject to valuer’s comments.
Please refer to the Intermediary Support Team on 01799 582925
We can consider commission for affordability purposes, providing the applicant has been in their role at least 3 months.
Transaction must go through at full market value and the gifted equity deposits must come from immediate family members only.
Standard construction is considered as the following:
Walls: Brick, Stone, Concrete Blocks, Timber Frame – heavy (built before 1900), Timber Frame – modern – built to Building Regulations (1970 to date)
New timber frame properties are acceptable providing there is masonry backfill up to damp proof course as a minimum and subject to valuers comments.
Roof: Tiled, Slate, Asbestos Slate, Thatch, Cedar Shingle, Flat (bitumen or 3-layer felt)
Flat Roof: Main flat roof covering is felt, asphalt, single ply elastomeric membrane or GRP. Up to 100% on purpose-built flats, but only up to 25% of entire area on houses - Subject to valuer’s comments.
Single Skin Brickwork: Brickwork of single skin thickness (113mm) is generally unacceptable, except in small areas of single storey structures, for example a porch.
Insulating spray foam: The Society does not lend on properties where insulating spray foam is used in the roof voids
Fixed term and short term contractors can be considered on the specific “Contractor” product range.
We do not have a minimum income for Daily Rate contract workers. Income to be calculated as Daily Rate x days worked (max 5) x 48.
Day Rate/Fixed term Contractors;
Short term Contractors (including contractors employed under an umbrella company contract):
Applicants must have 2 years’ employment history, a minimum of 3 months contract history backed by 3 months bank statement and invoices.
CIS Contractors;
Zero Hour Contractors;
We use Experian as our credit referencing agency and require a minimum credit score of 800 and we will review Indebtedness Index parameters as part of our lending decision.
We do not have an available data capture form.
For Self Build and Custom Build we do have a supplementary information form which is required to be fully completed at DIP stage.
Can consider debt consolidation up to 80% LTV
We will not allow debt consolidation for:
These must be generated online via the Saffron for Intermediaries Mortgage Portal. It is a soft footprint on the client’s credit profile at DIP stage.
Unsettled Defaults
Unsettled defaults are allowed up the value of £100, however if the default is under £500 and still outstanding please refer to the Intermediary Support Team.
Settled Defaults
Financial dependents must be entered on the affordability calculator including adult dependants not named on the mortgage.
Acceptable sources of deposit
Please refer to Intermediary support team if the deposit comes from the below source:
Where the source of deposit is a loan, full details will be required;
View our gifted deposit policy here.
We offer development finance, please contact the team on 01799 582925
Unacceptable.
Direct debit forms are automatically generated on submission of a Full Mortgage Application and can be located in the “Documents” section of the application.
Direct Debits must be from a UK Bank Account in the name of one or all of the Applicants. If the application is in the name of a Limited Company, then the UK Bank Account must be in the name of that Company. Please note that Confirmation of Payee services are now in force, which is a bank account name checking service. We will ask you to confirm the Applicants' preferred payment day by uploading a note to the application. The preferred date can be any day between 1st and 28th of the month
Unacceptable.
All debt management plans must be settled for a minimum of 3 years.
Acceptable Employment
Self-employed;
Min term of employment/self-employment;
Employed applicants;
Self-employed applicants;
Applicants who reside in employer / tied accommodation e.g. teacher, vicar etc. can be considered on a BTL basis as long as we can obtain suitable proof of address and the security property is to be let out.
For BTL and EXPAT BTL applications the security property must have a EPC rating of E or above.
An EPC rating certificate must be provided at full mortgage application stage to show that the security property meets the legal requirement.
Unacceptable.
Unacceptable.
Estate Rent Charges that are not specifically defined by formula or amount, or are unlimited, or are considered excessive relative to the property value (<5% of property value per annum) are not considered.
Please refer if the ground rent exceeds £250 (£400 in London).
Please contact the Intermediary Support Team on 01799 582925 for more information.
Can be considered if the applicants have 2 years UK address history pre application.
Post Brexit the applicants must have EU settlement status granted - Pre settled status accepted.
Letter from home office must be a uploaded to the application to confirm.
We are reliant on the valuer to comment as to whether the EWS1 form is required or not based on his physical inspection of the building as well as the current guidelines.
British Nationals who hold a UK passport living and working overseas for a minimum of 3 months. Available on Ex Pat BTL product only.
The foreign address is to be keyed as their primary residence on the DIP and full application.
We will condition the offer for nomination of a UK solicitor with a minimum of 2 partners who will act for the applicant, on whom the society can serve notice in the event of default.
Please note this is a requirement of an offer and we will not proceed to completion without this.
All documentation not in English will need to be translated by a qualified translator - e.g Bank statements, payslips and proof of address documents.
ID Verification for Ex-Pats:
ID must be certified by someone in their country of residence by one of the following acceptable persons:
Each certified copy must be signed and appear with the full name, qualification, job title, address and telephone number and date of certification.
The certification must be as follows: ‘I confirm that I have seen the original document’ and any photo should be confirmed as ‘a good likeness of the applicant.’
For Ex-Pats we require a certified copy of their current, signed British Passport.
We are unable to accept an overseas driving licence for ID or address verification.
A broker can only certify documents if they have seen the met the applicant face to face and seen the documents at the same time.
Maximum of 1 flat per block per customer or 10% per block in aggregate at a portfolio level.
Please refer to our individual products for arrangement fees and associated fees
A first time buyer is an individual who has never owned a property previously.
Specific product range available up to 95%
On our BTL products we do allow first time buyer / first time landlords.
Fixed term and short term contractors can be considered on the specific “Contractor” product range.
We do not have a minimum income for Daily Rate contract workers. Income to be calculated as Daily Rate x days worked (max 5) x 48.
Day Rate/Fixed term Contractors;
Short term Contractors (including contractors employed under an umbrella company contract);
Applicants must have 2 years’ employment history, a minimum of 3 months contract history backed by 3 months bank statement and invoices.
CIS Contractors;
Zero Hour Contractors;
ESW1 - we are reliant on the valuer to comment as to whether the EWS1 form is required or not based on his physical inspection of the building as well as the current guidelines.
Can be considered if the commercial is not deemed as high risk – such as a restaurant, takeaways and shops or where any drugs may be kept overnight ie chemists.
Please refer to the Intermediary Support Team on 01799 582925
Can be considered providing there is a lift in the property – please refer to the Intermediary Support Team on 01799 582925
Where the flying freehold portion is up to 25% of the total floor space, subject to individual valuer comments and there are satisfactory legal arrangements concerning rights of support and access for maintenance and repair in place.
If the property is subject to a flood risk we may not be able to consider.
Please see further details below:
Check the flood risk score for the subject property here - https://flood-map-for-planning.service.gov.uk/
Only income paid in GBP and subject to UK tax is taken in to account to support affordability.
For Ex Pat BTL mortgage applications, clients paid in foreign income is acceptable as lending is based on the rent received.
We accept applicants on 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.
Acceptable
Accepted from immediate family members.
Deposits provided by gift or loan must be accompanied by a Letter signed by the person making the gift confirming the amount and on what terms. Evidence of funds may be required.
Our gifted deposit template can be found in our Important Documents section of the website
Accepted from immediate family members and landlord gifted equity for good rental conduct.
Deposits provided by gift or loan must be accompanied by a Letter signed by the person making the gift confirming the amount and on what terms. Evidence of funds may be required.
Our gifted deposit template can be found in our Supplementary Documentation section of the website.
The ground rent must not exceed £250 (£400 in London). Ground rent must not exceed 0.2% of property value or 0.1% for new build properties.
For further information please contact the Intermediary Support Team on 01799 582925
We can only assist when remortgaging to pay off the help to buy loan
Holiday homes are acceptable for personal use. Properties can be let as short term let (e.g. Airbnb) for 90 days per year.
Unacceptable
Unacceptable.
Unacceptable
Where possible we will verify ID electronically. If this is not possible the following will apply:
All cases must have proof of Identification and Residency provided and certified
Acceptable proof of ID;
Acceptable proof of residency;
Where a customer has recently changed their name through marriage; divorce or by deed poll and provides ID in their old name and wants the account opened in the new name – we will accept ID in their old name with satisfactory evidence of their change of name e.g. marriage certificate; decree absolute; deed poll etc.). The photo ID must be certified, with the additional confirmation that the photo is a true likeness of the applicant.
If the customer has lived at their current address for less than 3 months, we will require proof of residency for the new and previous address they must also provide 1 additional item from the residency verification list above to show their previous address and this address must be included in the ID searches
ID Verification for Ex-Pats:
Each certified copy must be signed and appear with the full name, qualification, job title, address and telephone number and date of certification.
The certification must be as follows: ‘I confirm that I have seen the original document’ and any photo should be confirmed as ‘a good likeness of the applicant.’
For Ex-Pats we require a certified copy of their current, signed British Passport.
We are unable to accept an overseas driving licence for ID or address verification.
A broker can only certify documents if they have seen the met the applicant face to face and seen the documents at the same time.
Acceptable Income;
Unacceptable Income;
Unacceptable.
All IVAs must be settled for a minimum of 3 years.
Available on the first time buyer Joint Borrower Sole Proprietor product
Key parts of the criteria are:
*Close family member defined as one of:
Visit our Calculators page for our JBSP calculator
Leasehold properties are accepted.
Share of freehold can be considered.
On leaseholds, leases must have at least 60 years at the end of the mortgage term.
Leasehold houses are accepted providing the terms of the lease are not excessive.
Will consider applications where the lease is increasing simultaneously with the mortgage completion.
We offer a variety of retirement products suitable for older applicants. We take earned income up to the age of 75. Lending can be permitted with discretion from Underwriters over the age of 80 at the end of the mortgage term, but this is subject to supporting rational. However we use ONS statistics to determine maximum term. Find out more here.
Can consider on BTL range, client must have evidence of an onward residential purchase.
Available up to 75%
First time buyers, first time landlords accepted
UK Limited companies only
New SPVs allowed
Company must be set up with the principal activity of buying and holding residential investment property and used for that purpose only in line with appropriate SIC Code
All shareholders must be named as directors
If the property is in Wales, the letting must be in the form of:
Unacceptable.
Maximum borrowing is assessed on an affordability basis with the max borrowing capped at a LTI of 4.49 times. We can consider up to 5 times income.
Professional Income Boost product maximum borrowing is assessed on an affordability basis with the max borrowing capped at a LTI of 5.5 times, subject to minimum sole income of £30k for each eligible applicant.
No post code restrictions within England and Wales.
We do not lend in Scotland and Northern Ireland.
Please note, for BTLs in Wales, the letting must be in the form of:
Can consider up to 100% of court ordered maintenance for affordability providing that the child is under the age of 13 years old.
Leasehold maisonettes accepted.
We are able to take 100% of basic salary upon return to work and must be confirmed by employer, required proofs;
Ensure that anticipated childcare costs have been included in the affordability calculator. If no childcare costs provide an explanation and details of any alternative arrangements.
Up to 80% LTV = £3,000,000
Up to 90% LTV = £1,000,000
Up to 95% = £500,000
Borrowing above this can still be considered on a bespoke basis, please refer to the Intermediary Support Team on 01799 582925.
No maximum property value
Maximum is 40 years.
Subject to individual property and assessment by valuer and conveyancer involved in the Mortgage transaction.
Minimum age is 21 but underwriter’s discretion can be applied to a minimum of 18 years.
For BTL applications the applicant must 21 years old.
Residential minimum loan is £100,000
Retirement (RIO) and Lending Into Retirement Downsizing minimum loan is £30,000
BTL minimum loan is £30,000
Minimum property value is £100,000
5 Years
Unacceptable.
Unacceptable.
Can be considered if they are BOPAS, BBA or BRE accredited.
Please contact the Intermediary Support Team to discuss further 01799 582925
No more than one occurrence of a late or missed payment within the last 12 months and no more than two occurrences of a late or missed payment within the last 24 months.
Unacceptable.
Accepted up to 75% of capital and interest and 60% Interest only and Part & Part.
Accepted up to 95% LTV on a repayment basis
The list of acceptable warranty providers is below:
• Compariqo
• BW Build Warranty Group
• CADIS
• NHBC
• LABC
• Premier Guarantee
• ICW Limited
• Buildzone
• Castle 10/ Checkmate
• Buildassure
• One Guarantee
• Global Home Warranties
• Q Assure
• Protek
• Advantage HCI
• Ark Residential Insurance
• *Zurich (*historical)
If a non-borrowing occupier will be residing in the property, an additional occupier form/letter must be completed prior to completion.
If part or all of the deposit is coming from a non-borrowing occupier, we will insist on them being listed as an applicant on the mortgage, as they will hold an interest in the property.
We may consider builders incentives, please refer to the Intermediary Support Team on 01799 582925
Can be considered by exception. Please refer to Intermediary Support Team – 01799 582925
We do not lend in Northern Ireland.
Offers are valid for 6 months.
If an extension is required this is subject to underwriter’s discretion and further supporting documentation may be required.
We can consider overtime for affordability purposes providing the applicant has been in their role for at least 6 months:
For all additional / secondary income payments, we assess the stability of the income by reviewing the history, while at the same time, assessing the future viability of such payments.
We are able to take 100% of basic salary upon return to work and must be confirmed by employer, required proofs;
Ensure that anticipated childcare costs have been included in the affordability calculator. If no childcare costs provide an explanation and details of any alternative arrangements.
We are able to take 100% of basic salary upon return to work and must be confirmed by employer, required proofs;
Ensure that anticipated childcare costs have been included in the affordability calculator. If no childcare costs provide an explanation and details of any alternative arrangements
Products are portable except for self-build. All portability transactions must proceed directly by the Society and we are presently unable to facilitate them through intermediaries.
Porting is defined as a situation where a borrower transfers their current mortgage product to purchase a new property. The sale of the existing property and purchase of the new property must complete simultaneously. The new loan must meet the society’s lending criteria and is subject to an affordability and underwriting assessment. The product cannot be ported to a property already owned by the borrower.
A portfolio landlord is a landlord with 4 or more mortgaged buy to let properties on or before completion.
Minimum ICR on properties being financed by the Society:
All other BTL assets in the portfolio (not financed by the society) must meet rental cover of at least 125% of pay rate both individually and collectively.
Exceptions to the above considered on a case by case basis. Dependent on the borrower having alternative sources of income to support shortfall from operating cash flow.
At FMA stage we will require two additional documents to be completed and uploaded onto the case. These documents can be found below:
Property Portfolio Form – Form to include properties held in both personal and business names - all applicants portfolio details can be submitted on the same form (Once completed this must be converted to PDF and uploaded within the portal)
Business Plans – Form includes cash flows and personal assets and liabilities form
· For Limited Company Buy-to-Lets please complete this form for each director
· Personal assets and liabilities section must be completed for each director
Applicants can be considered if they are in their probationary period provided they have a minimum of 2 years employment history.
All brokers will be paid a procuration fee on all completed mortgage cases, in line with our published terms and conditions. The minimum fee which Saffron will pay at any one time is £100. Any fees due under this amount will be held until the fees payable to the broker exceed £100. Saffron will not pay interest on such an amount.
The is no maximum/cap applied to procurations fees.
Saffron pay procuration fees every two weeks – at the beginning and middle of each month. Fees will be paid by BACS 3 day payment service. If the broker is not registered in its own right with the FCA, any fees due will be paid to the network to which the intermediary is registered. Saffron may vary the fee structure at any time. However, we will always notify brokers within 4 weeks of the effective date or at the time of an enquiry, whichever is sooner.
Product fees vary between products, please refer to specific products details. See product guide
Retention products are available to existing SBS customers only.
The following customers/situations are not permitted to switch to a new product:
Commercial
A mortgage loan that has had an Arrears Ratio of greater than 1.0 at any month end in the last 12-months. Head of Underwriting discretion available to approve beyond this in exceptional circumstances.
Property let without consent or suspected of having done so
Let with consent – these must remortgage onto a Consumer BTL when they reach the end of the product term.
BTL mortgage that is currently occupied by the borrower with consent – these must remortgage onto a Residential basis when they reach the end of the product term.
Mortgages that are currently in breach of contract
Shared Ownership
Key points for our Professional Income Boost products:
Eligibility
Documents required to support application:
Please note that all Professional Income Boost cases will refer at DIP, to allow our Underwriters to carry out initial checks on eligibility and affordability.
Profession | Professional Bodies |
Actuary | •The Institute and Faculty of Actuaries (IFoA) |
Commercial Pilot | •UK Civil Aviation Authority (CAA) •Airline Transport Pilot Licence (ATPL) |
Pharmacist | •General Pharmaceutical Council (GPhC) |
Accountant | •Institute of Chartered Accountants England & Wales •Institute of Chartered Accountants Scotland •Chartered Institute of Management Accountants •Association of Chartered Certified Accountants •Chartered Institute of Public Finance and Accountancy •Institute of Financial Accountants |
Dentist | •General Dental Council (GDC) |
Medical Doctor | •General Medical Council |
Architect | •Architects Registration Board (ARB) |
Solicitor | •Law Society of Northern Ireland •Law Society of England & Wales •Law Society of Scotland |
Vet | •Royal College of Veterinary Surgeons (RCVS) |
Barrister | •The Bar Council |
Chartered Surveyor | •Royal Institute of Chartered Surveyors (RICS) |
Electrical Engineer | •Institute of Engineering and Technology Incorporated Engineers (IEng) •Institute of Engineering and Technology Chartered Engineers (CEng) |
Software Developer | •The Chartered Institute for IT (BCS) •Institution of Analysts and Programmers (IAP) |
Investment Banker | •Chartered Institute for Securities & Investments (CISI) •Chartered Banker Institute (CBI) |
Management Consultant | •Management Consultancies Association (MCA) |
Visit our Calculators page for our Professional Calculator
We will accept the following for Proof of Address:
We will accept the following:
If any of the above are not available please contact the Intermediary Support Team on 01799 582925.
Documentation (minimum) required - Employed;
Documentation (minimum) required - Self-employed;
Documentation (minimum) required – Contractor;
Additional documents may be required, at underwriter discretion.
Flats
Other unacceptable properties;
We can consider applications from applicants who have remortgaged within the last 6 months.
Refer to Intermediary Support Team on 01799 582925
If the property is in Wales, the letting must be in the form of:
Rental profit showing on SA302s can be used for affordability at 50%. At underwriters’ discretion for professional landlords 90% of rental profit can be considered for affordability
Please refer to our Interest Only policy for guidance – Click here
Cannot be consider if effect resalebility of the property. Please refer to the Intermediary Support Team on 01799 582925. Visit our Contact us page
Unacceptable.
We do not lend in Scotland.
Unacceptable
We cannot consider a case where there is a second charge on the property unless the applicant is capital raising to pay off the second charge.
100% of the income can be used if the second job for 6 months and works no more than 60 hours per week over both roles.
Acceptable
Self-Build projects are accepted for applicants who want to live in the property.
Please see product details and criteria here
Unacceptable.
Income used:
Applicants with 1 years of accounts may be considered on our specialist Self-employed product range.
A Self-Employed Ltd Director who has changed trading style from a sole trader can be considered for a mortgage without the need to wait for a full 12 months of Ltd co status.
If they have been trading for more than 2 years, a standard residential product can be chosen.
See our Supporting Documents
Income used:
Applicants with 1 years of accounts may be considered on our specialist Self-employed product range.
If they have been trading for more than 2 years, a standard residential product can be chosen, unless their income has risen by more than 25% in the last year. Applicants with 1 years trading, or with a rising income greater than 25% in the last year, will need to apply on the self employed product range.
A Self-Employed Ltd Director who has changed trading style from a sole trader can be considered for a mortgage without the need to wait for a full 12 months of Ltd co status.
See our Supporting Documents
Affordability – Salary and Dividends
Add-back of voluntary pension contributions can be considered when calculating affordability. Please refer to BDM.
If applicant is a minimum 50% shareholder we may consider Net profit after tax and Salary
A Self-Employed Ltd Company Director, who has changed trading style from a sole trader, can be considered for a mortgage without the need to wait for a full 12 months of Ltd company status.
If they have been trading for more than 2 years with finalised accounts, a standard residential product can be chosen, unless their income has risen by more than 25% in the last year. Applicants with 1 years trading, or with a rising income greater than 25% in the last year, will need to apply on the self employed product range.
Net profit after tax
Click here to view our Supporting Documents.
If they have been trading for more than 2 years with finalised accounts, a standard residential product can be chosen, unless their income has risen by more than 25% in the last year. Applicants with 1 years trading, or with a rising income greater than 25% in the last year, will need to apply on the self employed product range.
Service charge of less than 1% of the property value is considered acceptable. Service charges over 1% of the property value are to be considered on a case-by-case basis and subject to valuer’s comments and Underwriter assessment.
For further information please contact the Intermediary Support Team on 01799 582925
Unacceptable.
Unacceptable unless applicant is remortgaging to purchase 100% share of property
Unacceptable.
We can consider shift allowance for affordability purposes:
For all additional / secondary income payments, we assess the stability of the income by reviewing the history while at the same time assessing the future viability of such payments.
Short term Contractors (including contractors employed under an umbrella company contract);
We do not have a minimum income for Daily Rate contract workers. Income to be calculated as Daily Rate x days worked (max 5) x 48.
Applicants must have 2 years’ employment history, a minimum of 3 months contract history.
Properties in England must be let out on an AST (6-24 months)
Personal small holdings are acceptable, if any commercial element we would be unable to consider.
We accept leased and owned solar panels. The conveyancer must confirm on/or before completion of the mortgage that the solar panels fitted comply with CML-BSA guidance and minimum requirements.
Solicitors must be found on the Law Society website and have at least two SRA approved managers at that firm.
If not on the panel the processing team would complete due diligence checks and if satisfactory will send panel application form to solicitors.
To find out if the applicants solicitors is already on panel, view our Approved Solicitor and Conveyancer Panel
Unacceptable.
Unacceptable.
Applicants must have 2 years’ experience within the same type of employment, a minimum of 3 months contract history backed by 3 months bank statement and invoices.
Income to be calculated as Daily Rate x days worked (max 5 per week) x 48.
CIS Workers
We require the following:
See contracting product range
Unacceptable.
For BTL’s in England the property must be let on an AST (6-24 months)
If the property is in England, the letting must be in the form of an Assured Shorthold Tenancy Agreements (AST) for a minimum of 6 months and a maximum of 2 years to a single household.
If the property not currently let, a letter from a local estate agent confirming the potential rent (this needs to be supported by the valuation).
Regulated BTL’s, where the property is let to family members can be considered as long as the mortgage can be supported by affordability. Please refer to ‘Income’ to see acceptable and unacceptable income.
Corporate tenancy can be accepted.
Student lets are not acceptable.
If the property is in Wales, the letting must be in the form of:
Can be considered subject to underwriting and advice from the conveyancers involved in the mortgage transaction
Freehold and Leasehold properties are accepted (not freehold flats).
Share of freehold can be considered.
On leaseholds, leases must have at least 60 years at the end of the mortgage term.
Will consider applications where the lease is increasing to an acceptable term, simultaneously with the mortgage completion.
New timber frame properties are acceptable, providing there is masonry backfill up to damp proof course as a minimum, and subject to valuers comments.
Timber frame properties, constructed between 1900 and 1970, would not be considered.
Use of personal income (Top Slicing) can be utilised to cover a rental income ICR shortfall if:
Can run simultaneously with a mortgage application, terms must be highlighted to the underwriters at DIP stage.
Unacceptable.
No more than two late or missed payments within the last 24 months
Please note we require the applicant to have a minimum Experian score of 800.
Our valuers panel manager is Connells. Basic mortgage Valuation fees are listed on the website under the Valuation fees section.
Please note – we instruct valuation on submission of a full mortgage application (excluding Self Build)
Can be considered if the applicant is being gifted a deposit from their existing landlord.
We will not accept any other scenarios of vendor-gifted deposit accepted.
We accept applicants on the following Visas who have resided in the UK for a minimum of two years:
Maximum of 90% LTV with a minimum income of £75,000 above 75% LTV
No minimum remaining term of current Visa.
Saffron do lend for residential and BTL properties in Wales.
The letting must be in the form of:
The list of acceptable warranty providers is below:
Unacceptable.
Acceptable subject to:
If both applicants are zero hours contractors, we are able to consider the second applicants income at 75% providing they have 9 months experience as a zero hour contractor, subject to underwriters discretion.
