Saffron For Intermediaries has improved its buy-to-let and first-time buyer lending criteria.
For buy-to-let, the minimum income requirement (previously £25,000 per annum gross) has been removed. The Society now only requires that one applicant is in receipt of earned or pension income and is registered for UK tax.
The maximum LTV has also recently been increased to 80% for fixed rate BTL applications.
Meanwhile, first time buyers no longer require a 12-month rental history, which the mutual says reflects the fact that many first time buyer applicants now live at home with parents and don’t pay rent. It does require evidence of regular savings and/or contributions being made to the parental household.
Peter Izard, head of mortgages at the dedicated broker channel of Saffron Building Society, said: “These criteria changes further strengthen our buy-to-let and first-time buyer propositions, both of which had a further boost last week when we announced the launch of a limited tranche of 2-year fixed rate funding.
“Our new fixed rates start from 3.47% for employed and self-employed borrowers and are available up to 95% LTV for both first-time buyers and next-steppers.”
