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Saffron Building Society Mortgages for Contractors and Self-Employed 

Saffron Building Society stands out as a contractor-friendly mortgage lender, exemplifying a commitment to understanding and addressing the distinct financial requirements of contractors and self-employed individuals. With a focus on providing tailored solutions, Saffron Building Society recognises the unique challenges faced by those in non-traditional employment roles. Their mortgage products are crafted with precision, taking into account the fluctuating income patterns and variable work arrangements characteristic of contractors. This lender understands that traditional lending models may not suit the diverse financial landscapes of self-employed individuals, and thus, they have curated a range of mortgage options designed to accommodate these specific needs.

Contractor-Focused Mortgage Solutions

Saffron Contractor Mortgages for CIS Workers:

• CIS workers are now eligible for Saffron’s Contractor mortgage products, recognizing their distinct status from self-employed individuals.

Eligibility Criteria:

• To better support CIS workers, applicant eligibility has been reduced to a minimum of three months’ CIS contracting experience and one year’s industry experience.

Income Assessment:

• The Society considers the applicant’s average income over the last three months.

Saffron Zero Hour Contractors Mortgages 

Enhanced Criteria:

• Zero-hour contractors receive dedicated support with criteria allowing the use of 100% of their income.
• A minimum of 12 months zero zero-hour contracting experience is required for eligibility.

Joint Applicant Consideration:

• In cases where both applicants are on zero-hour contracts, Saffron may consider using 75% of the second applicant’s income, provided they have a minimum of nine months of experience.

Benefits for Experienced Self-Employed Applicants

Access to Full Product Offering:

• Self-employed applicants trading for two years or more now have access to Saffron’s full suite of products.

Affordable Residential Rates:

• This provides more affordable residential rates for experienced self-employed applicants.

Expansion to Self-Build and JBSP Products:

• The door is now open to Saffron’s self-build and Joint Borrower Sole Proprietor (JBSP) products for experienced self-employed individuals.

Saffron Self-Employed Mortgages

Flexible Options:

• For applicants with a minimum of 12 months trading or those seeking more flexible underwriting, Saffron’s self-employed products offer tailored solutions.

Modern Methods of Construction

Criteria Overhaul:

• Saffron now considers modern forms of construction, including 100% cladding, with the condition of masonry up to damp proof level.

Green Construction and Repayment Flexibility

No Minimum Income Requirements:

• Applicants with a suitable repayment vehicle have no minimum income requirements.

Hybrid Interest-Only Capital Repayment:

• More flexibility is offered for those seeking a hybrid interest-only capital repayment solution.

Loan-to-Value (LTV):

• Applicants can now reach up to 80% LTV, subject to a maximum of 60% interest only.

Streamlined Documentation Process

Reduced Documentation Requirements:

• In an effort to simplify the application process, Saffron has reduced the number of bank statements needed for residential, buy-to-let, and self-employed applicants to the latest month’s personal bank statement only.

These mortgage enhancements embody Saffron Building Society’s dedication to providing flexible and accessible solutions, ensuring that contractors and self-employed individuals can achieve their homeownership goals with confidence.

Contractors and self-employed professionals often encounter hurdles when seeking mortgage approval, and Saffron Building Society aims to bridge this gap by offering flexible and accommodating solutions. Their commitment to being contractor-friendly extends beyond just financial products, encompassing a supportive approach that acknowledges the nuances of non-standard employment. As a result, Saffron Building Society has become a trusted partner for those navigating the complexities of the mortgage market while working on a contractual basis. In choosing Saffron Building Society, contractors and self-employed individuals gain access to a lender that not only understands their unique financial circumstances but also actively works to provide solutions tailored to their distinctive needs.