The society says that the changes will have minimal impact on brokers and will enable them to use the same straightforward submission processes and personal service which they have enjoyed previously.
The key changes which Saffron is implementing include:
• A new affordability calculator - this will be available for use at www.saffronintermediaries.co.uk. The society will be sending more detailed information about the new calculator to brokers prior to the implementation of MMR.
• A single mortgage application form - this will be available for all mortgage application types. Brokers used to Saffron’s prudent approach to affordability assessment will only see minor changes with regard to additional documentation requirements.
Saffron’s chief marketing officer, Sarah Howe, said: “I can confirm that Saffron is ready for MMR and we will be ‘going live’ with effect from 24th April.
“We have capitalised on the opportunity to simplify our application process by introducing a new single application form which will cover all mortgage types and we have developed a new easy to use online affordability calculator. This will show brokers and their clients how much we’re willing to lend. Brokers will find our submission procedures reassuringly familiar.”
The society will continue to use skilled underwriters to assess individual mortgage applications on their own merits and its Special Situations and Everyday Situations range of products. These will continue to be marketed through a panel of distributors including 3mc, AToM, Brightstar, Complete FS, L&G Network, Platinum Options and tbmc.
