Saffron Building Society will now assess income and affordability where mortgage applicants have pension and investment pots. The mutual said this would allow borrowers to access larger loan amounts than previously, as they were no longer being assessed using a life expectancy calculation. 

The mutual has also increased the loan-to-value (LTV) limit for applicants on visas from 75% to 90%. Saffron Building Society will also accept spousal visas and pre-settled status and no longer requires a minimum remaining term on the current visa. 

Across its buy-to-let (BTL) range, the mutual reduced its interest coverage ratio (ICR) from 125% to 110%. It said it made this change as it recognised BTL landlords were facing affordability challenges due to restrictions with the ICR. 

Tony Hall (pictured), head of business development at Saffron for Intermediaries, said: “Listening to our brokers is at the heart of what we do at Saffron Building Society, and their feedback drives the criteria changes we’ve made today. Through our panel discussions and twice-yearly surveys, we’re in tune with the real challenges they face. We know that clients’ needs are becoming more complex and varied, and we believe in giving brokers the tools to meet those demands. 

“These changes are the first in a series designed to help us say ‘yes’ to more complex cases. We take an adaptable approach to our criteria, meaning that brokers can take elements of each to put together the right solution for their client’s circumstances.” 

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These changes follow the rate reductions Saffron Building Society made to its residential, expat BTL and green mortgage pricing last month.