In This Article
Who are Saffron Building Society?
Saffron Building Society are a mutual society headquartered in Colchester, Essex, which has been serving the community since 1849. Being a building society, they are owned by their members, and exist solely for their benefit.
They provide banking services including a range of savings and investment products including cash ISA’s, notice accounts, immediate access and children’s savings.
Saffron Building Society offer a variety of mortgage products to meet a range of individual needs for first-time buyers, to those looking to borrow in retirement.
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Saffron Building Society mortgages
Saffron Building Society are a solution-based lender that specialize in mortgages with a more flexible approach, their underwriters will manually review every application as they do not just use a credit score and they will take into consideration your individual situation, intend to apply common sense and provide a personal service.
They offer a range of mortgage products to meet the needs of their customers, including products with no early repayment charges and the ability to have options such as interest only and second homes on selected products.
Their mortgage product range include:
- First time buyer mortgages
- Mortgages into retirement
- Self-employed mortgages
- Green mortgages
- Contractor mortgages
- Self-build mortgages
- Higher loan to value mortgages
- Professional mortgages
- Buy to let mortgages
- Limited company buy to let mortgages
- Expat buy to let mortgages
Saffron also offers a Special situation product range for customers whose requirements fit outside their standard product range. Saffron can offer a bespoke mortgage service for borrowers whose requirements fall outside its product range, with criteria and rates being determined on a case-by-case basis.
Are Saffron Building Society rates competitive?
Saffron offers a range of fixed rate, variable rate and discounted variable rate mortgages.
They aim to offer competitive rates in the market where all applications being individually assessed by a skilled underwriter.
Their variable rates can change at any time, subject to the terms and conditions of the mortgage, market conditions and/or changes to the Bank of England Base Rate or lenders Standard Variable Rate.
Discounted variable rates will have a lower interest rate for an agreed period of time, making monthly payments more affordable. The size of the discount normally depends on the size of your deposit.
When deciding if Saffron Building Societies mortgage is the most competitive you need to review the whole market, looking into all aspects of the product and your future intentions. An independent mortgage advisor can do this for you. A mortgage advisor will also have access to lenders that are intermediary-only, therefore giving you the opportunity to have access to more specialist lenders.
Can I remortgage with Saffron Building Society if I am an existing customer?
If you’re an existing Saffron Building Society customer and your current mortgage deal is coming to an end, you may be eligible to switch your mortgage deal.
If eligible you can contact Saffron directly to either remortgage or obtain further burrowing or a mortgage advisor could do this for you.
An independent mortgage advisor can advise you on all products available in the market and find the best option for you, which may not be staying with Saffron Building Society.
How quick are Saffron Building Society to produce a mortgage offer?
The time it takes to get a mortgage offer Saffron Building Society varies on a case-by-case basis. The average time from application to offer is around four weeks.
The time it takes to get an offer depends on how quickly the supporting information can be sent to saffron once the application has been submitted. How quickly the valuation is completed and what Saffron’s turnaround time is at time of submission.
Saffron Building Society declined me a mortgage; what do I do now?
If you’ve been declined a mortgage from Saffron Building Society, you should contact them to find out the reason why.
A mortgage advisor could review your situation and it may be that Saffron is not the right fit for you. There can be many reasons for a lender to decline a mortgage application, this can range from the lenders criteria, your credit profile, the lenders appetite to risk, or the property you are looking to mortgage.
If you would like to check your credit profile you can utilise either Experian, Equifax, Transunion or Check My File which can offer a free trial.
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Conclusion
Saffron Building Society are a mutual society headquartered in Colchester, Essex, which has been serving the community since 1849. They provide banking services including a range of savings and investment products including cash ISA’s, notice accounts, immediate access and children’s savings.
Saffron Building Society offer a variety of mortgage products to meet a range of individual needs for first-time buyers, to those looking to borrow in retirement. They are a solution-based lender that specialize in mortgages with a more flexible approach, their underwriters will manually review every application as they do not just use a credit score and they will take into consideration your individual situation.
The time it takes to get a mortgage offer Saffron Building Society varies on a case-by-case basis. The average time from application to offer is around four weeks. The time it takes to get an offer depends on how quickly the supporting information can be sent to saffron once the application has been submitted. How quickly the valuation is completed and what Saffron’s turnaround time is at time of submission.
If you’ve been declined a mortgage from Saffron Building Society, you should contact them to find out the reason why. A mortgage advisor could review your situation and it may be that Saffron is not the right fit for you. There can be many reasons for a lender to decline a mortgage application, this can range from the lenders criteria, your credit profile, the lenders appetite to risk, or the property you are looking to mortgage.
Should you want to speak to a mortgage broker, please complete our contact box, and I NEED ADVICE will find you a suitable mortgage advisor who can review the whole market and recommend the right mortgage for you.
They are experienced, which can boost your chances of being approved.
