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Saffron BS expects BTL products to return ‘later in year’

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  • 17/03/2020
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Saffron BS expects BTL products to return ‘later in year’
Saffron Building Society has confirmed it has withdrawn its buy-to-let (BTL) products but added that it expects to return to the market “later in the year”.

 

A statement from the mutual confirmed it was instead focusing on the first-time buyer market.

Saffron Building Society head of insight Charlie Townsend said: “Our buy-to-let products were very successful and performed so well for us in quarter one.

“We have therefore adjusted our focus on to first-time buyer products. As such we have launched some newly refreshed products aimed at the FTB market.

“These market leading products include lower interest, smaller deposit mortgages, alongside the family support and joint borrower sole proprietor mortgage.

She added: “We fully expect to be back in the buy-to-let market later in the year.”

At the end of 2018, the most recent results available, 30 per cent of the lender’s loan book was made up of buy-to-let loans.

 

Coronavirus support

Saffron BS also released details of its plans for supporting customers during the coronavirus pandemic.

The building society is offering mortgage customers a repayment review, on a case-by-case basis, to those who have been directly affected by Coronavirus and could potentially find themselves in financial difficulty.

It said it was willing to provide assistance for its customers with repayment support and guidance, as it does with all cases experiencing difficult circumstances.

It added that the additional support would allow homeowners to focus on themselves, and their families, at this very disconcerting time.

Head of mortgage servicing Sarah Harling said: “Members who have been directly affected will want to concentrate on their health and following the strict guidelines laid out to safeguard themselves and their loved ones.

“We would like to extend a lifeline to our members to discuss their situation with us. We will deal with each enquiry on a case-by-case basis to offer as much support as we can, allowing for repayment relief where possible.

“We urge our mortgage members not to be embarrassed – our friendly team will do all they can to help and hopefully relieve some pressure at this really awful time.”

Customers directly affected should contact the customer services team as soon as they can, in confidence, on 0800 072 1100 and select Option 2 then 2, or visit the website.

 

 

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