You are here: cherry > Press releases for February 2014 > SAFFRON FOR INTERMEDIARIES ENHANCES BUY-TO-LET AND FIRST-TIME BUYER LENDING CRITERIA

25 February 2014

Saffron For Intermediaries, the dedicated broker channel of Saffron Building Society, has enhanced its buy-to-let and first-time buyer lending criteria, by making the following changes:

Buy-to-let: the minimum income requirement (previously £25K 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.

First time buyers: no longer require a 12-month rental history (reflecting the fact that many FTB applicants now live at home with parents and don’t pay rent). The Society does require evidence of regular savings and/or contributions being made to the parental household.

Peter Izard, Head of Mortgages, 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.”

Saffron Building Society doesn’t use credit scoring, preferring instead to let skilled underwriters assess each application on its own merits.

Brokers can access Saffron’s Special Situations and Everyday Situations mortgages via a panel of distributors which includes 3mc, AToM, Brightstar, Complete FS, L&G Network, Platinum Options and tbmc.

Full product and criteria details, including a downloadable Product Guide, are available at: www.saffronforintermediaries.co.uk

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Journalists requiring further information can contact:

Josh Cooper, Cooper Consultants Ltd Office: 01654 767711
josh@cooper-consultants.co.uk Mobile: 07768 355265

NOTES TO EDITORS:

About Saffron Building Society

Saffron Building Society was established in 1849 by the Reverend John Marten, who was Minister of the Hill Street Baptist Church and Manager of the local gas company. From such humble beginnings the mutual Society has successfully grown to manage assets of over £1 billion.

Saffron Building Society is the largest regional building society serving the East of England, with 12 branches and 7 agencies. The society has served the needs of the local community for 163 years and is committed to doing so in the future.

A mutual organisation, Saffron Building Society is owned by its 90,000 members and exists solely for their benefit.

The Society employs 150 staff across East Anglia, who understand local customers’ needs and provide value for money products backed-up by a professional and reliable service.

Saffron For Intermediaries is the Society’s dedicated broker lending channel. Further information about the products and services available for brokers can be found at: www.saffronforintermediaries.co.uk