The intermediary’s saffron has announced significant changes within its scope.
These changes include enhanced professional income enhancement standards, new up to 6.0x LTI, a new development financing method, adding key loan parameters, and several standard updates across residential and purchases.
Saffron also lowers rates in many categories, including for self-employed and contractor clients.
The maximum loan ratio for saffron professionals increased from 5.5 times to 6.0 times, up to 80% LTV. 5.5 times keep in place up to 90% LTV.
The largest time since the initial qualification has also been extended from five years to ten years, expanding the qualifications of more professional professionals, including doctors, lawyers and dentists.
Now, all cases are evaluated as standard using direct competency evidence (such as degree certificates, graduate program or formal training completion).
Mortgage brokers have been added to the recognized occupation list, and the existing category of “Management Advisors” has been clarified, including strategic advisors as well.
Saffron also renovated its financial proposals. Roducts are now fully accessible through the Saffron broker portal, with major changes including: the maximum loan size increased from £3 million to £5 million; the loan increased to 80% to 90%; and the loan increased from 65% to 70%.
Product terminology has also become more flexible, with options available now up to 36 months to allow for longer build periods.
Saffron has been enhanced several times in its residential and purchasing standards, including:
Foster care income has now been accepted by the applicant for 12 months and has provided affordability based on payments in the last three months.
Joint visa applicants no longer need to reach the 75k threshold alone, as long as their combined income exceeds £100,000.
Documentation has been simplified in several products: Standard Income Case P60 is no longer required; a two-year deal by self-employed limited company director can file only SA302 or tax year overview when borrowing up to 80% of LTV, while affordability is based on salary and dividends.
If affordability is based on net profit, a comprehensive audit account of less than 18 months is required. The sole businessman and partnership can only submit an overview of SA302 and tax year.
Prices for occupancy, self-employed persons and contractor-wide owners have also been reduced by 0.30%. 80% LTV’s 5-year repair rate is now: 4.57% for owners; 4.87% for contractors and 5.07% for self-employed people.
