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Saffron BS pulls mortgages over 80 per cent LTV

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  • 08/04/2020
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Saffron BS pulls mortgages over 80 per cent LTV
Saffron Building Society has temporarily withdrawn all products above 80 per cent loan to value (LTV) to mitigate the lack of physical valuations as a result of coronavirus restrictions.

 

The lender made the move last night and has only residential products available after withdrawing its buy-to-let offering in March, and is also operating as broker-only.

It will be conducting desktop valuations where cases meet its eligibility criteria up to 80 per cent LTV.

Pipeline applications received before 5pm on 7 April over 80 per cent LTV will be given a desktop valuation and a non-binding mortgage offer, but then put on hold awaiting a full physical valuation.

It has also updated document requirements to accommodate the current circumstances.

Saffron will now accept electronically certified identity and Proof of Residency, and photographs of all documentation, providing they are clearly legible, if the mortgage broker or their client, is unable to scan them.

“We understand that different systems are used to electronically identify customers and we will therefore require the electronic check to be uploaded to the portal, with the uncertified ID and Proof of Residency,” it added.

It continued: “We would like to thank all our intermediaries for their continued support during this pandemic.

“These changes are designed to make the process as smooth as possible for you and your clients in these challenging times.”

 

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