Buy to Let Mortgages 9 January 2019 For Intermediary use only - saffronforintermediaries.co.uk - Impact Packaging
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Buy to Let Mortgages 9 January 2019 For Intermediary use only saffronforintermediaries.co.uk
WHAT'S SPECIAL ABOUT SAFFRON FOR INTERMEDIARIES You probably have two types of applications on your desk. There’s the big pile - the straightforward ones. They’re simple because they fit the criteria demanded by most lenders. Then there’s the little pile. The ones where the applicant has unusual circumstances or the property is out-of-the-ordinary. The expats and landlords looking to refurbish a property before letting it out. These are the tough ones. So make them simple. Call Saffron first. We are experts in specialist mortgages with a more flexible approach to many other lenders that’s based on people, not products. Our underwriters examine every application. They work harder, delve deeper and may even ask you a few more questions. Sure, this may take a little more time but it’s good news for you. Because we’re often able to say the one word your customers want to hear most: Yes We can also help borrowers facing everyday situations such as landlords looking to remortgage an existing property or purchase a new property to let out. If one of our existing mortgages doesn’t quite fit, then we may be able to tailor a mortgage to suit their precise needs. For cases already in progress please call The Mortgage team on: 01799 582966
FOR NEW ENQUIRIES CALL
Your dedicated Business Development Manager
as listed on saffronforintermediaries.co.uk/
Gemma Reynolds
Business Development Manager
Tel: 01799 582925
e-mail: gemma.reynolds@saffronbs.co.uk
Katie Sharpe
Business Development Manager
Tel: 01799 582923
e-mail: katie.sharpe@saffronbs.co.uk
Holly Andrews
Business Development Manager
Tel: 01799 582885
e-mail: holly.andrews@saffronbs.co.uk
EXPAT BUY TO LET 2
For UK nationals resident abroad who wish to purchase or re-mortgage a property in the UK. There is no limit on the level of borrowing with
other lenders. This product is available to First Time Buyers. Regulated buy to let accepted.
Initial Rate Product Term Revert Rate Arrangement Fee LTV
3.64% Product Criteria • We will condition the offer for
(SVR-2%)
3 Years SVR 2.50% 55% • Rental cover 140% of either pay rate + nomination of a UK solicitor with a
2% or 5.5%, whichever is higher minimum of 2 partners who will act for
Purpose Portable ERC APRC Procuration Fee SBS Code the applicant, on whom the Society
• Rental Cover on debt for debt re- can serve notice in the event of default
Purchase & 3% for three
Yes 5.5% 0.35% DR0642 mortgage cases 125% of pay rate
Remortgage years
• Maximum loan size £1,000,000. Loans
• Fees can be added to the loan for debt over this are priced on a bespoke
for debt remortgages basis and have restricted LTV’s
Initial Rate Product Term Revert Rate Arrangement Fee LTV
• Property must be let on an AST • For portfolio landlords the maximum
3.94%
(SVR-1.7%)
3 Years SVR 2.50% 75% • Rental assessment is based on LTV INCLUDING fees is 75%”
occupation by 1 family on an • Regulated buy to let accepted from
Purpose Portable ERC APRC Procuration Fee SBS Code unfurnished let non-EEA countries - At some point,
Purchase & 3% for three • No HMOs or Limited Companies either now or in the future, you or an
Yes 5.6% 0.35% DR0507
Remortgage years immediate family member will occupy
• Maximum Portfolio with Saffron of
the premises or be a tenant.
£1.5m (no external exposure limit)
(The definition of an immediate family
• The applicant must have no adverse member includes: parents, grandparents, child,
credit history in the past 3 years grandchild, brother or sister.)
• Interest only or repayment * Overpayments of up to 10% per
annum are allowed without penalty
At any time during the life of the mortgage, the applied rate will not go below a
floor of 2.00%. Rates are variable unless stated.
01 Buy to Let Mortgages
EXPAT BUY TO LET - FIXED 2
For UK Nationals currently living outside the UK, who wish to purchase or re-mortgage a property. There is no limit on the level of borrowing
with other lenders. This product is available to First Time Buyers. Regulated buy to let accepted.
Initial Rate Product Term Revert Rate Arrangement Fee LTV
3.97% Fixed to Product Criteria • We will condition the offer for
(Fixed) 31.08.2024
SVR 2.50% 55% • Rental Cover 140% of pay rate nomination of a UK solicitor with a
minimum of 2 partners who will act for
Purpose Portable ERC APRC Procuration Fee SBS Code • Rental Cover on debt for debt re- the applicant, on whom the Society
mortgage cases 125% of pay rate can serve notice in the event of default
Purchase & 3% for five
Yes 5.3% 0.35% DR0662
Remortgage years • Property must be let on an AST • Maximum loan size £1,000,000. Loans
• Rental assessment is based on over this are priced on a bespoke
occupation by 1 family on an basis and have restricted LTV’s
Initial Rate Product Term Revert Rate Arrangement Fee LTV
unfurnished let • Minimum term for this product must
4.47% Fixed to
(Fixed) 31.08.2024
SVR 2.50% 75% • No HMOs or Limited Companies equal or exceed that of the fixed rate
period
• Maximum Portfolio with Saffron of
Purpose Portable ERC APRC Procuration Fee SBS Code • For portfolio landlords the maximum
£1.5m (no external exposure limit)
Purchase & 3% for five LTV INCLUDING fees is 75%
Yes 5.5% 0.35% DR0663 • The applicant must have no adverse
Remortgage years
credit history in the past 3 years • Regulated buy to let accepted from
non-EEA countries - At some point,
• Must hold a UK bank account and
either now or in the future, you or an
mortgage direct debits must be paid
immediate family member will occupy
from this account
the premises or be a tenant.
• Interest only or repayment
(The definition of an immediate family member
includes: parents, grandparents, child,
grandchild, brother or sister.)
* Overpayments of up to 10% per
annum are allowed without penalty
The interest rate charged will not fall below 2.00% (the minimum interest rate) at
any point during the mortgage.
02 Buy to Let Mortgages
BUY TO LET 2
For existing landlords to purchase or re-mortgage a property. There is no limit on the level of borrowing with other lenders. Regulated buy
to let accepted.
Initial Rate Product Term Revert Rate Arrangement Fee LTV
2.74% Product Criteria • Maximum Portfolio with Saffron of
(SVR-2.9%)
2 Years SVR 2.00% 75% • Variable Rates: Rental cover 140% £1.5m (no external exposure limit)
of either pay rate + 2% or 5.5%, • Interest only or repayment
Purpose Portable ERC APRC Procuration Fee SBS Code
whichever is higher
Purchase & 2% for two • Maximum loan size £1,000,000. Loans
Yes 5.5% 0.35% DR0501 • 5 Year Fixed Rates: Rental Cover over this are priced on a bespoke
Remortgage years
140% of pay rate basis and have restricted LTV’s
• Rental Cover on debt for debt • For portfolio landlords the maximum
Initial Rate Product Term Revert Rate Arrangement Fee LTV re-mortgage cases 125% of pay LTV INCLUDING fees is 75%
Fixed to rate
3.07%
(Fixed) 30.06.2024
SVR 2.00% 75% • Fees can be added to the loan for
• Regulated buy to let accepted - At
some point, either now or in the future,
debt for debt remortgages you or an immediate family member
Purpose Portable ERC APRC Procuration Fee SBS Code
• Product only available to will occupy the premises or be a
Purchase & 3% for five
Yes 5.0% 0.35% DR0654 homeowners tenant.
Remortgage years
• Property must be let on an AST (The definition of an immediate family member
includes: parents, grandparents, child,
• Rental assessment is based on grandchild, brother or sister.)
occupation by 1 family on an * Overpayments of up to 10% per annum
unfurnished let are allowed without penalty
• No HMOs or Limited Companies
The interest rate charged will not fall below 2.00% (the minimum interest rate) at
any point during the mortgage.
03 Buy to Let Mortgages
BUY TO LET LIGHT REFURBISHMENT2
For existing landlords who wish to purchase or re-mortgage a property that requires a level of light refurbishment before renting the property.
There is no limit on the level of borrowing with other lenders. Regulated buy to let accepted.
Initial Rate Product Term Revert Rate Arrangement Fee LTV
Product Criteria • Rental assessment is based on
5.24% 75% • If the amount of lending required is occupation by 1 family on an
(SVR-0.40%)
3 Years SVR 2.00% maximum the maximum percentage of end unfurnished let
of the end value
value, state this clearly on • No HMOs or Limited Companies
Purpose Portable ERC APRC Procuration Fee SBS Code application form
• LTV not to exceed figure stated at
Purchase & 3.00% for the • Rental Cover 140% of pay rate
Yes 5.9% 0.35% DR0297 any stage
Remortgage first year
stressed at + 2%
• Maximum Portfolio with Saffron of
• Rental Cover on debt for debt £1.5m (no external exposure limit)
re-mortgage cases 125% of pay rate
• Interest only or repayment
• Fees can be added to the loan for
• Maximum loan size £1,000,000.
debt for debt remortgages
Loans over this are priced on a
• Evidence of savings to support 3 bespoke basis and have restricted
months mortgage payments whilst LTV’s
refurbishment works undertaken
• For portfolio landlords the maximum
• Work must be completed within 3 LTV INCLUDING fees is 75%
months of completion and prior to
• Regulated buy to let accepted - At
letting out
some point, either now or in the
• Additional funds released after a future, you or an immediate family
satisfactory re-inspection and member will occupy the premises or
confirmation of improved end value be a tenant.
and rental income (The definition of an immediate family member
includes: parents, grandparents, child,
• Product only available to grandchild, brother or sister.)
homeowners
• Property must be let on an AST
At any time during the life of the mortgage, the applied rate will not go below a
floor of 3.00%. Rates are variable unless stated.
04 Buy to Let MortgagesYou can also read
