Skip to main content

Contractor

Please be aware all mortgage products were withdrawn at 5pm on Thursday 4 August, except for Self-Build. This is so we can focus on processing our existing applications as quickly as possible and restore our service levels to normal. System issues mean products are still visible on the portal, but applications received after the deadline will NOT be accepted. Please keep checking back for updates for when our new products will be launched.

Contact the Intermediary Support Team (01799 582 925 or ist@saffronbs.co.uk) with any queries, and thanks for your understanding at this busy time.

Available for individuals who are working on a contract basis, Saffron takes into account the contractor’s circumstances and income structure. 

We recognise that contractors may struggle with standard mortgage applications however Saffron takes a more pragmatic approach; actually understanding contractors financial situations and the specific requirements from a mortgage that this will produce.

Available to First Time Buyers.

Product Criteria

  • Evidence of existing or new contract required
  • All types of contract considered
  • Applicants must have 2 years’ experience within the same industry
  • Income calculated as Daily Rate x 5 x 48
  • Minimum age 21
  • Minimum term 5 years
  • Interest only or repayment
  • Interest only to 70% max LTV and subject to an acceptable repayment strategy
  • Minimum loan size: £30,000. Maximum loan size: £1,000,000 up to 80% LTV or £500,000 above 80% LTV. Loans over this are priced on a bespoke basis and have restricted LTV’s

Income documents required:

  • Current and previous contract
  • Last 3 months’ invoices
  • Last 3 months’ bank statements showing invoice credits
  • CV outlining previous employment history (2 years in the same industry required)

Capital Repayment incentive (not applicable on fixed rates)

  • Borrowers can repay capital at any time and reduce the mortgage interest rate if they move into a lower LTV band, with no additional fee
  • LTV is always based on the original property value when the mortgage was taken out
  • Borrowers will never be required to move up to a higher rate

Contractor

Your home may be repossessed if you do not keep up payments on your mortgage