Mortgage News
Saffron reworks expat mortgage criteria and refreshes buy to let
Saffron For Intermediaries has introduced a 75% loan-to-value tier on its expat mortgages and removed all country restrictions, including Australia.
The lender is also willing to consider first-time landlords and buyers no longer need to offer a UK mortgage history. The deals are offered at 3.69%, which is a three-year discount of 1.7% off the SVR with a 2.5% arrangement fee. Deals are offered from a minimum of £30,000 up to £1m over a maximum of 40 years.
On the buy-to-let side, Saffron has launched new fixed and discounted rates with rental cover on debt-to-debt remortgaging calculated at 125% of pay rate.
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.
“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.”
In June, Saffron launched a flexible drawdown interest-only self-build mortgage, replacing its existing product.
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The mortgage is offered on a discounted rate of 4.20% for 24 months.
Borrowers can draw down funds as required and are no longer restricted by inflexible stage payments. Saffron will also accept applications from first-time buyers.