The Intermediary speaks with Tony Hall, head of business development at Saffron Building Society about the lender’s most recent product innovations, changing affordability criteria, and the crucial role of broker feedback in shaping future strategies.
Can you walk me through the recent product updates?
This year marks one of our most wide-ranging updates, all with the goal of enhancing affordability and expanding options for a diverse range of borrowers. We’ve launched four new products: Expat Residential for globally mobile professionals, Premier Income for borrowers earning £150,000+, an expanded Joint Borrower Sole Proprietor (JBSP) for more borrower types, and updated loan-to-income (LTI) Matrix approvals, with tiers up to 5.5x (and up to 6x under Professional Income Boost).
Our LTI Matrix, allows standard borrowers to access LTIs of up to 5.5 times their income, while those qualifying under the Professional Income Boost products can go as high as 6x. Depending on individual circumstances and loan-to-value ratios, this improvement can unlock as much as £76,000 in additional borrowing capacity compared to previous limits. The LTI matrix is designed to be flexible and to support borrowers whose earnings or career trajectories indicate growing income potential – making homeownership or upsizing more attainable for professionals and higher earners.
Traditionally, JBSP was only available to first-time buyers (FTBs), often relying on family support. We’ve now expanded this product to include home movers, those remortgaging, and second-time buyers. This enables families to pool incomes and resources across generations or life stages, helping address affordability constraints and allowing for broader access to homeownership – or to stay within the property market even as circumstances change.
The Premier Income product was introduced to better serve affluent professionals – borrowers earning £150,000 or more (individually or jointly). This offering stands out with uncapped LTI, removing the traditional constraints on borrowing power, and supports loan amounts up to £5m for qualifying cases. It’s purpose-built for customers whose income structure or aspirations place them outside the standard high street criteria.
We know globally mobile professionals face unique barriers to home financing when returning to the UK, especially if they’ve spent time abroad or their family remains in the property. Our Expat Residential product is tailored for this segment, ensuring that professionals can retain a foothold in the UK housing market or support family needs even while spending significant time overseas.
Beyond new products, we’ve made sweeping enhancements to our lending criteria. We’ve reduced our stress test rates, making it easier for applicants to meet affordability assessments, updated our affordability models using the latest cost-of-living data, and broadened access for both contractors and self-employed individuals. For those with over two years of contracting history, we now offer access to our main owner-occupier lending range, so they’re no longer confined to higher-priced “specialist” products.
These updates center on affordability – helping customers borrow based on what they can truly afford, aided by favorable regulatory changes. The impact is that more people, especially professionals with complex needs or expats, can access greater borrowing power and tailored products.
How important is broker feedback when updating your product criteria?
Broker feedback is absolutely essential. Most of our changes are driven by direct broker input – through regular surveys and real-time feedback every time a broker uses us.
For example, the expanded JBSP offering directly resulted from brokers asking for more flexibility. We really do rely on our intermediary partners, and we listen closely to make sure our products meet their and their clients’ needs.
How important is technology in your strategy?
Technology is at the forefront of our strategic plans. We’re assessing and investing in our origination process – to make it faster and more certain for brokers and clients.
Over the coming years, we plan significant investment to create frictionless, efficient processes. This includes both freeing up our skilled underwriters for complex cases and automating straightforward ones where appropriate. It’s all part of minimising tech debt and enhancing broker and customer experience.
Are there any product updates that will focus on green or sustainable lending?
Green lending is definitely on our agenda. We previously had a green product offering rebates for improved energy ratings, and although it’s currently withdrawn for a refresh, we’re committed to bringing it back and making green features commonplace.
Many of our self-build and custom-build products also incorporate environmentally sustainable practices, and our vision is for ‘green’ to be a standard, not a differentiator, in the near future.
Looking ahead, how do these updates reflect your broader strategy and future plans for intermediaries?
Our strategy is focused on supporting affluent professionals and those with complex or multiple income streams, groups often underserved by high street lenders. While we cater to a broad range of needs, our specialist products and enhancements ensure we’re always evolving based on market demand and broker feedback.
We’re committed to responsible lending, continuous improvement, and listening to intermediaries. We encourage brokers to reach out any time – our door is always open for feedback and ideas.
