How we do things differently
The process for buying a new home can be confusing. I was recently talking to our mortgage advisers about the problems our customers face and it’s clear that more can be done to help. I believe the industry needs to rise to the challenge and improve the way it deals with its customers.
However, the way we work at Saffron is very different from how other lenders operate. If you have five minutes, I’d like to share some facts about the industry and how we are looking to lead the way in customer service.
Why should I read this article?
Mortgage applications can seem complicated and for those not familiar with getting a mortgage such as first time buyers or those who have not moved in a while, it can be quite daunting. Our job is to make it more of a stroll in the park and not an obstacle course.
Why are mortgage applications sometimes complicated?
Things used to be fairly straightforward, up until 2014. Lenders would take a look at your income and assess how much they could lend. In some instances, you wouldn’t need to supply any evidence and the application could be dealt with in a standard way. However in April 2014, based on learning from the financial crisis, the Financial Conduct Authority introduced new rules designed to prevent people getting into financial difficulty.
What do I need to know?
Essentially, the new rules mean that all lenders are required to assess whether or not you can afford the mortgage. This means taking into account possible future mortgage rate rises and potential changes in circumstances, which helps to prevent you from being left in a tricky position.
All lenders are required by law to verify your income and expenditure, which could include everything you earn, one-off costs, everyday spending and your present debts. If you want to know more about the detail you can read an assessment of the legislation called the Mortgage Market Review.
What does Saffron think about the rules?
We think it makes sense to talk about how affordable it is to buy your new home, and it’s the responsible thing to do. However, we don’t feel that every industry provider recognises how difficult this process can be for homebuyers. We believe strongly that our job is to help you and not just take you through a tick-box exercise ending in a yes/no answer.
How we do things differently…
Quite simply, we do the following:
- We make our expert mortgage advisers available to you - their aim is to help you to buy your home, by recommending a suitable mortgage product.
- You have a personal point of contact to talk you through the next steps.
We have a helpful guide which explains the process in a straightforward way outlining each step.
What we do not do:
- We don’t have a standard process or a ‘one size fits all’ approach. Our mortgage advisers will take the time to identify the most suitable way to handle your mortgage.
- We don’t pass your queries to lots of different people in a giant organisation who have no idea how important your home is to you.
What’s the result of Saffron’s approach?
At Saffron Building Society, we take a different approach to mortgages. We take the time to talk to you and get to know you, your circumstances and your unique needs and advise on what’s best for you.
So if you are thinking of moving home, please contact us.
We are here to help.
Head of Mortgage Sales