Saffron adds expat HMO deals to BTL range
Saffron Building Society has launched expat house in multiple occupation (HMO) products to its buy-to-let (BTL) product offering.
The range includes products for large expat HMO properties and is intended to give more options to overseas landlords investing in property in the UK.
The mutual has also removed the need for expat landlords to appoint a UK solicitor and applicants can nominate a UK resident instead.
Saffron Building Society said this would simplify the process. The change also applies to the mutual’s expat residential range.
The mutual has also updated its residential offering to support borrowers moving into a new job role.
Pending new salaries can now be used for affordability assessments, excluding retirement interest-only (RIO) mortgages, as long as applicants have a signed employment contract and start their new role before the mortgage completes.
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Tony Hall, head of business development at Saffron for Intermediaries, 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 BTL 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.”
