Saffron enhances buy-to-let mortgages

Jessica Nangle

June 29, 2017

Saffron for Intermediaries has enhanced its specialist deals for expat borrowers and everyday buy-to-let mortgages.

A new 75% LTV band has been introduced with discounted rate for the expat buy-to-let mortgage, with borrowers no longer needing to show a history of having a UK mortgage.

Anita Arch, head of mortgage sales at Saffron, said: “Our expat buy-to-let mortgage has always been incredibly popular and these enhancements make what was already a strong proposition even stronger.

Q&A with Martin Stewart of The Adviser Alliance

“Our everyday buy-to-let products also offer a choice of highly competitive fixed and discounted rates and we are willing to accept first-time landlords.”

Saffron has no country restrictions, includes Australia and will consider first-time buyers.

The rate is at 3.69% discount for three years up to 75% LTV with an arrangement fee of 2.5% and a 3% ERC for the period of the discount.

The requirement for the expat buy-to-let mortgage is a minimum loan of £30,000, a maximum of £1m over periods of up to 40 years.

Changes to the everyday buy-to-let mortgage include new fixed and discounted rates that have been introduced, such as a 2.49% discount for two years up to 75% LTV, or 2.77% fixed until the 28 February 2023 up to 75% LTV.

Rental cover on debt-to-debt remortgaging is only 125% of pay rate on the everyday BTL mortgage and the deal will accept first-time landlords.

The arrangement fee is at 2%, with a 2% ERC for 2% two years for the discounted loan, and 3% until the 28 February 2023 for the fixed rate mortgage.

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