Notice of upcoming system upgrades:
We will be carrying out system upgrades on Saturday 13 August and Sunday 14 August. During this period, our Online Mortgage Portal and registration pages will be unavailable. All systems will be back to normal on Monday 15 August. We apologise for any inconvenience that 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.
Properties with up to 20 acres of land can be considered providing this is not used for commercial use. We can however accept properties where the applicants are looking to purchase a hobby farm.
If the applicant is already a Saffron Building Society mortgage holder and looking for further borrowing they will need to contact our Retention Mortgage 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;
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.
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/Defaults are allowed up to the total of £100 and up to £500 at underwriter’s discretion.
Settled CCJs and Defaults:
IVAs/Debt Management Plans
Must be settled for three years
Bankruptcies
Must be discharged over 5 years ago
We use Experian as our credit referencing agency and apply minimum Credit Score and maximum Indebtedness Index parameters as part of our lending decision.
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
Must have a minimum of two years agency work experience, income from this employment must not be the sole income.
Evidence required;
Unacceptable.
Acceptable subject to property not being sublet – refer to Intermediary Support Team
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.
We charge a non-refundable application fee at full mortgage application stage. The costs are as follows:
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.
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
In a block of up to 20 flats we would only lend on 1 flat per associated customer. In a block with more than 20 flats we would lend on a maximum of 2 flats.
We are able to consider outside of these by exception – please refer to the Intermediary Support Team
We can consider bonus income for affordability purposes:
Our underwriters will assess the stability of the income by reviewing the history while at the same time assessing the future viability of such payments.
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 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 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. Debt consolidation is limited to 90% LTV max.
We will not consider requests to capital raise for the following:
Unsettled CCJs
Unsettled CCJs/Defaults are allowed up to the total of £100 and up to £500 at underwriter’s discretion
Settled CCJs
Unacceptable.
Unacceptable.
Can consider on our Contractor product range.
We require the following:
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 valuers comments.
We can consider commission for affordability purposes:
Our underwriters will 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 days worked (max 5 per week) x 48.
CIS Contractors;
Zero Hour Contractors;
Where lending to applicants with zero hour contract, the following applies:
Applicants must not have credit score lower than 600, we use Experian as our credit referencing agency. If the applicant has a score between 500 and 599 they may still be considered however it is subject to underwriter’s discretion.
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 90% LTV.
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 CCJs/Defaults are allowed up to the total of £100 and up to £500 at underwriter’s discretion.
Settled Defaults
Financial dependents must be entered on the affordability calculator including adult dependants not named on the mortgage.
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;
We offer development finance, please contact the team on 01799 592886
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.
Please refer to the Intermediary Support Team if estate rent charges are applicable.
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.
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 The Netherlands
For multiple purchases/remortgage in the same block of flats the exposure limits are one flat in one block or maximum 10% in block.
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 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 days worked (max 5 per week) x 48.
Can be considered if the commercial is not deemed as potentially affecting the suitability of the property as security.
Please refer the Intermediary Support Team
May be considered subject to location. Please refer to the Intermediary Support Team
Only where the flying freehold portion is no more than 15% 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:
Zone 1: Acceptable
Zone 2: Acceptable if insurable and subject to individual valuer comments
Zone 3a: Unacceptable
Zone 3b: Unacceptable
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.
Unacceptable.
Acceptable
Accepted from close family members.
Our gifted deposit letter can be found in our Supplementary Documentation section.
Accepted from close family members.
Our gifted deposit letter can be found in our Supplementary Documentation section.
Saffron do not offer guarantor mortgages
Unacceptable.
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.
Unacceptable
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.
Unacceptable.
Unacceptable
We allow electronic ID&V, If we this is not available we will require the below:
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.
All IVAs must be settled for a minimum of 3 years.
We cannot lend on properties with Japanese Knotweed.
Available on the first time buyer Joint Borrower Sole Proprietor product
Visit our calculator 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.
Will consider applications where the lease is increasing to an acceptable term, 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 and have no maximum age.
Please refer to our Lending into Retirement Policy
Can consider on BTL range, client must have evidence of an onward residential purchase.
Unacceptable.
Maximum borrowing is assessed on an affordability basis with the max borrowing capped at a LTI of 4.49 times.
We may consider 5 times incomes for affordability providing the applicants meet the following criteria:
Loans over £300,000
LTV under 80%
Sole income - £50,000
Joint income - £80,000
The above is subject to underwriters assessment
No post code restrictions within England and Wales.
We do not lend in Scotland and Northern Ireland.
Can consider 50% 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.
We do not have a maximum age however the mortgage term will be assessed on a case by case.
Working income can only be accepted up to a maximum age of 75.
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 the Intermediary Support Team.
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.
Minimum loan amount is £30,000.
Minimum property value is £100,000
5 Years
Unacceptable.
Unacceptable.
Can be considered if they are BOPAS, BBA or BRE accredited with a 60 year durability guarantee.
Please contact the Intermediary Support team to discuss further.
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.
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:
• 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)
• *BLP (*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 builder incentives, please refer to the Intermediary Support Team.
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.
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.
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:
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.
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.
At FMA stage we will require four additional documents to be completed and uploaded onto the case.
These documents can be found below:
(Once completed this must be converted to PDF and uploaded within the portal)
- 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/
Applicants can be considered if they are in their probationary period however we will require them to have 2 years work experience in a similar role.
Product fees vary between products, please refer to specific products details. See product guide
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
Rental profit showing on SA302s can be used for affordability at 50%. By underwriters discretion for professional landlords 90% of rental profit can be taken into account for affordability
Please refer to our Interest Only policy for guidance
Cannot be consider if they affect the resalebility of the property. Please refer to the Intermediary Support Team
Unacceptable.
Unacceptable.
We do not lend in Scotland.
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.
Can be consider if the applicant has had the second job for 6 months and works no more than 60 hours per week
We are able to consider second homes as long as the home forms our security property.
Self-Build projects are accepted for applicants who want to live in the property.
Please see product details and criteria
Unacceptable.
Impact of Covid 19
For businesses who started trading prior to the 2020/21 tax year, we may be able to discount this pandemic year from your affordability assessment. Please speak to the Intermediary Support Team for more information.
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 individual’s 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
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.
Property must be let out on an AST (6-24 months)
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.
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 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
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.
Can run simultaneously with a mortgage application, terms must be highlighted to the underwriters at DIP stage.
Unacceptable
Unacceptable.
No more than two late or missed payments within the last 24 months
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.
Can be considered if the applicant is being gifted a deposit from their existing landlord. No other scenarios of vendor-gifted are deposit accepted
Accept skilled Worker, Health & Care Worker and Global talent Visas subject to:
Saffron do lend in Wales.
The list of acceptable warranty providers is below:
Unacceptable.
Where lending to applicants with zero hour contract, the following applies:
