"Brokers are increasingly dealing with complex cases that don't fit neatly into standard lending models, and our role is to give them the flexibility to make those cases happen here"
- Tony Hall - Saffron for Intermediaries
Saffron for Intermediaries has announced a set of criteria enhancements across its buy-to-let mortgage, self-build and residential ranges, with the changes aimed at giving brokers greater flexibility when placing complex cases.
Buy-to-let
On the buy-to-let side, new build flats are now accepted up to the maximum 75% LTV on an interest-only basis across all BTL products. Saffron has also introduced a new 55% LTV tier across its buy-to-let range, including for limited company ownership.
Self-build
The self-build criteria has been expanded to include a broader range of accepted warranty options. Accepted certifications now include STA Gold Standard, where backed by a listed new build warranty, and Professional Consultant Certificates (PCCs) for ground-up developments, subject to criteria.
Residential
On the residential side, the maximum interest-only element for part-and-part mortgages has increased from 60% to 70%, within an overall maximum of 80% LTV. The sale of a mortgaged property is also now accepted as a repayment vehicle across all interest-only products, expanding access to two- and five-year options, a wider choice of fee structures, and products with free valuations.
"These enhancements reflect our ongoing focus on building criteria that work in the real world," said Tony Hall, head of business development at Saffron for Intermediaries (pictured). "Brokers are increasingly dealing with complex cases that don't fit neatly into standard lending models, and our role is to give them the flexibility to make those cases happen here."
"Whether it's increasing interest-only flexibility, widening access for Buy-to-Let investors, or strengthening our self-build proposition, each change has been designed to remove friction and open up more opportunities for brokers and their clients," Hall concluded.
