Our head office will be closing at 13:30 on Friday 6 August. Our phone lines will also be closed during this time.
This is to ensure members of staff are able to attend annual training. Our head office will reopen from 09:00 on Monday 9 August.
Thank you for your understanding and support.
Here you can find our A-Z lending criteria.
If the applicant is already a Saffron Building Society mortgage holder and looking for further borrowing they will need to contact our Direct Mortgage Team: Telephone – 0800 072 1100 and select option 2, then option 1.
The Society defines additional / secondary income as;
Of which we can take;
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.
Please refer to your BDM.
We charge a non-refundable application fee at full mortgage application stage. The costs are as follows:
No current adverse allowed.
IVAs/Debt Management Plans – Must be settled for three years
Applicants must not have credit score lower than 600, we use Experian as our credit referencing agency.
If the above has occurred then the applicants may be subject to a LTV restriction. If the above is not met, we may be able to consider by exception - please call your BDM.
Affordability can be tested on the Saffron for Intermediaries website under the calculators TAB – please use the appropriate calculator, for further assistance please refer to your BDM.
Must have two years agency work experience, income from this employment must not be the sole income.
Evidence required;
Unacceptable.
A max of 4 applicants on a Full Mortgage Application can be considered; only the 2 highest incomes can be used to support affordability.
Accountants must have one of the following qualifications/certifications:
These are sent at underwriter’s discretion directly to the accountant.
Can consider providing it is for the applicants own use and must not be let out. Refer to your BDM.
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.
Cannot be considered until discharged for 5 years and has an Experian score of more than 600.
We can consider bonuses 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.
We cannot take benefit income into account for affordability.
100% of basic salary + guaranteed allowances (e.g. area weighting allowance, car allowance, and housing allowance).
Max 5 storeys
Limited to 1 flat per block .
We are able to consider outside of these by exception – please refer to your BDM.
Unacceptable.
Second residential properties are considered subject to a max LTV of 80%
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.
Unacceptable.
Can be considered although documentary evidence may be required i.e. quotes for building works. Debt consolidation is limited to 90% LTV max.
We will not consider requests to capital raise for the following:
Can consider our contracting product range – please refer to your BDM.
Unacceptable.
Unacceptable.
Leasehold coach houses acceptable subject to valuers comments, freehold coach houses unacceptable.
Can be considered subject to type of commercial, location and subject to valuers comments.
We can consider commission 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.
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)
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.
Fixed term and short term contractors can be considered on the specific Contracting product range.
Fixed term Contractors;
Short term Contractors (including contractors employed under an umbrella company contract);
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 5 x 48.
CIS Contractors;
Applicant must have 2 years’ industry experience
Zero Hour Contractors;
Where lending to applicants with zero hour contract, the following applies:
Maximum 80% LTV
Applicants must not have credit score lower than 600, we use Experian as our credit referencing agency.
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.
Acceptable sources of deposit
The gifted deposits listed below are subject to referral for assessment:
Where the source of deposit is a loan, full details will be required;
Unacceptable.
Financial dependents must be entered on the affordability calculator including adult dependants not named on the mortgage.
Unacceptable.
Can consider debt consolidation up to 90% LTV.
For Development lending please contact the Development Team on 01799 582886.
These must be generated online via the Saffron for Intermediaries Mortgage Portal. It is a soft footprint on the clients credit profile at DIP stage.
Acceptable Employment
Self-employed;
The following are subject to referral;
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.
British Nationals who hold a UK passport living and working overseas. Available on Ex Pat BTL product only.
Expat BTL 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.
For multiple purchases/remortgage in the same block of flats the exposure limits are one flat in one block or maximum 10% in block.
Unacceptable.
Can be considered if the applicants have 5 years UK address history pre application.
Post Brexit the applicants must have EU settlement status granted - settled status only.
Letter from home office must be a uploaded to the application to confirm.
Arrangement Fees are product specific – refer to product guide.
Specific product range available up to 95% - fees cannot be added
Fixed term and short term contractors can be considered on the specific Contracting product range.
Fixed term Contractors;
Short term Contractors (including contractors employed under an umbrella company contract);
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 5 x 48.
May be considered subject to location. Please contact your BDM
By exception. Please contact your BDM.
Only where the flying freehold portion is no more than 15% of the total floor space, subject to valuers’ comments and there are satisfactory legal arrangements concerning rights of support and access for maintenance and repair in place.
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.
Must have indefinite leave to remain.
Freehold houses are acceptable however we are unable to consider freehold flats.
Unacceptable.
Acceptable – must be from an immediate family member and signed gift letter provided.
Acceptable – must be from an immediate family member and signed gift letter provided.
Unacceptable.
Unacceptable.
Unacceptable.
Not acceptable
Anyone who submits a tax return can obtain evidence of earnings via an SA302 (or acceptable equivalent - see point 2 below) for the last 4 years in one of 3 ways:
For simplicity the checklist item will ask for SA302’s – which covers all 3 of the above.
Not acceptable
We do not offer or collect fees for homebuyer’s reports. If a homebuyers report is required notify us at FMA stage. The standard valuation fee will be collected & the cost of the homebuyers report will be paid by the applicant directly to the surveyor.
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.
Acceptable Income;
Unacceptable Income;
Unacceptable.
We do not lend in Ireland.
Available on the first time buyer Joint Borrower Sole Proprietor product
Visit our calculator page for our JBSP calculator
We cannot lend on properties with Japanese Knotweed.
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.
Will consider applications where the lease is increasing to an acceptable term, simultaneously with the mortgage completion.
See our Retirement Mortgages page for more information.
Can consider on normal BTL range, client must have evidence of an onward residential purchase.
Maximum borrowing is assessed on an affordability basis with the max borrowing capped at a LTI of 4.49 times.
LTI exceeding 4.49 may be considered on a bespoke basis at a max LTV of 80% Please refer to your BDM.
No post code restrictions within England and Wales.
We do not lend in Scotland and Northern Ireland.
Unacceptable.
Available up to 75% LTV.
Leasehold maisonettes accepted.
We do not have a maximum age however the mortgage term will be assessed on a case by case.
Minimum age is 21 but underwriter’s discretion can be applied to a minimum of 18 years.
Maximum loan amount is £1,000,000, unless specified on the selected product. Borrowing above this can still be considered on a bespoke basis, please refer to your BDM.
Minimum loan amount is £30,000.
Maximum is 40 years.
Minimum is 5 years.
No maximum property value.
Minimum property value is £100,000.
Unacceptable.
Can consider 50% court ordered maintenance for affordability providing that the child is under the age of 13 years old.
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.
Unacceptable.
Please contact your BDM.
Subject to individual property and assessment by valuer and conveyancer involved in the Mortgage transaction.
Not acceptable
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.
New Build Houses up to 95% and New Build flats up to 75% of capital and interest and 60% Interest only and Part & Part.
Accepted warranties from:
Any other company please refer to your BDM.
We do not lend in Northern Ireland.
Considered by exception where appropriate care & consideration has been given to the structure /longevity /maintenance problems that might arise and information available indicates the society’s security position would not be impaired by undertaking this lending.
The society restricts lending on properties classified as defective or un-mortgageable in the valuation report.
Please refer to your BDM.
We cannot consider non UK tax payers for Residential or BTL cases however foreign income/non UK tax payers will be considered on Expat BTL cases only.
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:
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.
Products are portable except for self-build.
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;
Product fees vary between products, please refer to specific products details. See product guide
We are unable to take income in to account from applicants who are currently in a probation period. If a client has recently started a new job, evidence of no probation from the employer will be required. Income whilst in probation period will not be used.
A portfolio landlord is a landlord with 4 or more mortgaged buy to let properties.
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 four 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 applicant
Additional information: https://www.saffronforintermediaries.co.uk/portfolio-landlords/
Please refer to our Interest Only criteria.
Please refer to your BDM.
Acceptable – will assess 50% of the rental profit showing on an SA302.
Unacceptable.
Unacceptable.
We do not lend in Scotland.
See product guide for product details & LTV limits.
See Guide to Self Build for further information.
For further information please refer to your BDM.
Unacceptable.
Our standard product ranges require a minimum of 3 years of trading.
Our specialist Self Employed product range requires a minimum of 1 year trading, with the latest years’ figures typically being used for affordability purposes
All Self-Employed applications will be manually assessed by our Specialist Underwriters in conjunction with the required supporting documentation and we reserve the right to tailor our approach to individuals circumstances if deemed necessary. Income from businesses that are insolvent, illiquid, or displaying negative trends are unlikely to be acceptable.
Income used:
Less than 3 years of accounts but a minimum of 1 years of accounts may be considered on our specialist Self-employed product range.
Documentation required ;
Please see this link
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 – we may consider. Please refer to your BDM.
We are able to consider second homes as long as the home forms our security property. Affordability must meet all commitments.
We do not lend on holiday homes.
Unacceptable.
Only where purchasing the final share of the property.
Unacceptable.
For BTL’s the property must be let on an AST (6-24months)
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.
Unacceptable.
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 please contact the processing team on 01799 582966 option 1.
Unacceptable.
Unacceptable.
Unacceptable.
If CIS workers refer to your BDM
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 5 x 48.
See contracting product range
Can run simultaneously with a mortgage application, terms must be highlighted to the underwriters at DIP stage.
Can be considered subject to underwriting and advice from the conveyancers involved in the mortgage transaction
Unacceptable.
For BTL’s the property must be let on an AST (6-24months).
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
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.
Depending on the terms of the trust, please refer to your BDM
Unacceptable.
We are unable to consider applicants on a visa - must have indefinite leave to remain.
Carried out by a 3rd party. Basic mortgage Valuation fees are listed on the website under the Residential Valuation Fees Section and on the Buy to Let Valuation Fees Section.
Unacceptable.
Accepted warranties from:
Any other company please refer to your BDM.
Unacceptable.
We lend on properties in Wales.
Where lending to applicants with zero hour contract, the following applies:
The Mortgage Portal enables you to select a Saffron mortgage product, request a DIP, submit a full mortgage application and monitor all your clients' cases.
Submit your case