Saffron adds expat HMO options and updates residential criteria

Saffron for Intermediaries has expanded its specialist buy-to-let proposition with new expat HMO products, including options for larger HMOs.

The lender has also made changes to its expat buy-to-let and expat residential ranges, allowing applicants living overseas to nominate a UK resident contact rather than appointing a UK solicitor.

The changes form part of a series of enhancements to Saffron’s specialist buy-to-let and residential lending criteria.

New options for expat landlords

The new expat HMO products provide brokers with additional options when placing cases for overseas landlords investing in specialist property.

Saffron has also removed the requirement for expat landlords to appoint a UK solicitor. Applicants can now nominate a UK resident instead, with the change also applying to the lender’s expat residential range.

The lender said the change is intended to simplify the process for borrowers based overseas by removing an additional cost and administrative requirement. It follows feedback from brokers.

Changes to residential affordability

Saffron has also updated its residential affordability criteria to provide greater flexibility for borrowers moving into new employment.

Pending new salaries can now be included in affordability assessments, excluding retirement interest only (RIO) mortgages, provided the borrower has a signed employment contract and is due to start the new role before mortgage completion.

The change means brokers can potentially place cases where a borrower’s income is about to change without having to wait until the new salary has started being paid.

Tony Hall, head of business development at Saffron for Intermediaries (pictured), said: “We know that specialist cases don’t always fit neatly within traditional lending criteria, and brokers need lenders that can respond to the different circumstances they’re seeing. These latest enhancements reflect that, expanding the options available across our buy-to-let proposition while removing some of the practical barriers that can make complex Residential cases harder to place.

“For brokers, the aim is simple: to give them more options when supporting specialist landlords and borrowers, whether that’s an expat client or someone moving into a new role. By continuing to listen to broker feedback and refine our proposition around real cases, we can help brokers find a way forward for more of the clients they’re supporting.”