Legal & General Mortgage Club has become the only national distributor of Saffron Building Society mortgages.
This follows the announcement of a new partnership between the building society and L&G’s Appointed Representative (AR) network.
On top of offering Saffron mortgage products designed to cater for ‘Everyday Situations’, the partnership will also be marketing a ‘Special Situations’ range which will cater for, amongst others, self employed homebuyers who are unable to provide the traditional three years trading accounts and contractors who work on a short-term contract basis.
The ‘Special Situations’ range also includes a rent-to-buy product aimed specifically at want-to-be first time buyers who have been renting for a minimum of 12 months. The product will be on offer at 95% LTV.
The building society can also help professionals requiring higher LTVs, and those looking to either build or refurbish their property, who have the option of Saffron’s self-build product or their buy-to-let light refurbishment mortgage.
“Our members will welcome the refreshing approach to lending taken by Saffron Building Society, with underwriters who have the skills and flexibility to look at good quality and creditworthy customers that don’t fit the ‘one size fits all’ credit scoring systems,” said Martyn Smith, head of mortgage products, Legal & General Network.
“Considerable thought has gone into designing specific products to cater for customers that struggle to fit lenders standard criteria – like the self-employed and those working on short-term contracts. We look forward to working with the team at Saffron Building Society to bring these new products to market that will help our members and their customers.”
Peter Izard, head of mortgages at Saffron Building Society, added: “We’re delighted to be partnering with Legal & General, to make our new range of ‘Everyday Situations’ and ‘Special Situations’ mortgages available to their brokers.
“Our ‘Everyday Situations’ range includes deals designed for borrowers seeking straightforward and competitively priced owner occupied or buy-to-let mortgages and our ‘Special Situations’ range caters for borrowers with distinct needs: be they professionals, contractors, the self-employed, self-builders or property investors.
“Within each range borrowers are able to select optional features such as interest only, second homes and mortgages for expatriates returning to the UK. I’m sure L&G brokers will find these products a useful addition to their portfolio. They can be assured that we’ll take into consideration borrowers individual circumstances, apply common sense and provide a personal and reliable service.”