EXCLUSIVE: Saffron Building Society pulls BTL range
Saffron Building Society has pulled its buy-to-let range in order to focus on the first-time buyer market.
The lender sited the Budget laying out better options for FTB as one of the factors in its decision to focus on this marketplace.
Mike Brown director at Crystal Clear Financial Services, said: “This is a real shame as the Saffron Building Society’s proposition had a great opportunity on 5-year fixed rates where the pay-rate could be used, making it a strong proposition.
“We need more lenders in the BTL space, rather than less, so losing a good lender from this market is disappointing”
Martin Stewart founder and director of London Money, added: “Brokers need to understand that we are right back where we were in 2008. The Coronavirus is one thing but underneath that is the formation of another credit crunch as liquidity begins to dry up.
“I wouldn’t be too worried about watching what the lender product teams are doing. Instead I’d be watching the words and actions of the wholesale markets, the swaps rates, the stockmarkets and what the central banks are doing.”
Charlie Townsend, head of insight at Saffron Building Society added “Our BTL products were very successful and performed so well for us in quarter one.
“We have therefore adjusted our focus on to first-time buyer products. As such we have launched some newly refreshed products aimed at the FTB market.
“These market leading products include lower interest, smaller deposit mortgages, alongside the family support and joint borrower sole proprietor mortgage. We fully expect to be back in the BTL market later in the year.”