You asked about varying the terms of your mortgage contract with us.
We confirm that we are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
If you are not sure of the exact changes you wish to make to your mortgage, we recommend speaking to a qualified mortgage adviser. A mortgage adviser can help by making a personal recommendation, taking into account your needs and preferences, to make sure the changes to your mortgage are right for you. By choosing the advised service, you’ll be protected by the advice rules of the Financial Conduct Authority, by proceeding without advice you will not be protected by those rules.
We are unable to provide you with an advised service at present. If you wish to receive advice, you can:
- Contact the Mortgage Broker that you used when you took out your mortgage with us; or
- Contact Saffron Mortgage Finders (part of the Saffron Building Society group) on 0333 015 2970. If you use Saffron Mortgage Finders, no advice fee will be payable but early redemption fees apply.
There are many options available to you and it’s important to get the right advice. Without advice you will not receive the same protection given to customers who receive advice from us.
If you proceed without advice, we would like to clarify that we will not be giving you advice or making a recommendation but will be asking you some questions to ensure we can consider your request. You will then be making your own decision on how you want to proceed.
The suitability of the contract you have chosen will not be assessed.
If you want to get an idea of how much your mortgage would cost each month based on your proposed changes, please visit www.saffronforintermediaries.co.uk/mortgage-repayment-calculator. Other sources of information are www.moneyadviceservice.org.uk and select Homes and Mortgages. You will find the information that you need to use these calculators on your Annual Mortgage Statement. If you wish to discuss the calculations, you will need to speak to a mortgage adviser. Therefore it is important to note that we will not assess the suitability of your variations' on the section about proceeding without advice.
If we are able to consider your request, we will provide you with an illustration that details any costs. You can request more than one illustration if you wish.
Once you have considered the illustration and the costs involved, you can make an application to us to change your mortgage. We’ll need to make sure you can afford the mortgage following the change and we’ll also carry out a credit check to make sure that you meet our current criteria. If you want to get an idea of whether your mortgage will meet our affordability checks following the changes you propose, please visit www.saffronforintermediaries.co.uk/affordability-calculator.