Saffron enhances B2L criteria
Previously applicants needed a £25K per annum gross income however 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.
Saffron has also enhanced its first-time buyers range and borrowers will no longer require a 12-month rental history.
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.”
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.