View here for Santander’s latest announcements. Please remember that you can access Santander products, including semi-exclusive mortgages, through our direct to lender mortgage club which pays on completion. Contact us for more information. Visit Santander for Intermediaries website
How we’re supporting the government initiatives for mortgage customers
We’re committed to helping our existing customers through this difficult time and have already increased our support for those who are feeling the pressure of the rises in mortgage rates and living costs. We’re pleased to be part of the current conversation with government, regulators and other mortgage lenders to agree collectively what more we can do to help. We’ll be working through the detail of the initiatives outlined as quickly as possible so that we can introduce the new measures over the coming weeks.
In the meantime if your Santander client tells you they feel under pressure with their mortgage payments, please tell them that talking to us will not impact their credit file and can be the first step to finding a positive solution.
Further information
- You can direct your existing Santander clients to the Santander home page and mortgage hub page if they need more support.
New business rate increases and product withdrawals
On Tuesday 27 June, we’re increasing all standard and large loan fixed rates in the new business range. We’re also increasing the pay rate on our trackers in line with the 0.50% increase in the Bank of England base rate last week. Finally, we’re withdrawing all standard residential 60% LTV fixed rates, but 75% LTV rates will still be available to these clients.
No action is required for pipeline cases.
For existing Santander and Alliance & Leicester customers who are on a base rate tracker mortgage, their pay rate will increase by 0.50% from the beginning of August. Standard Variable Rate is not changing.
New business
- Standard residential purchase fixed rates increasing by between 0.05% and 0.25%
- Standard residential remortgage fixed rates increasing by between 0.05% and 0.46%
- Large loan residential purchase fixed rates increasing by up to 0.20%
- Large loan residential remortgage fixed rates increasing by up to 0.32%
- All 60% LTV standard residential fixed rates will be withdrawn
- Buy to Let purchase fixed rates increasing by between 0.20% and 0.32%
- Buy to Let remortgage fixed rates increasing by between 0.20% and 0.42%
- Full details of our new business range can be found in Rate Bulletin (Issue 16). You’ll find this on our website from Tuesday 27 June
Further information
For current products, you must submit your full mortgage application by 10pm on Monday 26 June
Residential lending policy update
On Thursday 29 June, we’ll be making some changes to our residential lending policy.
Residential affordability rate
Following the Bank of England base rate increase in May, we’ll be increasing our standard residential affordability rate.
We’ll also be updating the household expenditure figures that we use in our affordability calculation.
Please use our affordability calculator on our website to get an accurate reflection of what we can lend your clients.
Pipeline rules
All full mortgage applications (FMAs) submitted by 10pm on Wednesday 28 June won’t be affected by these changes.
Any FMAs submitted from 6am on Thursday 29 June will be assessed using our new lending policy.
If a material change is made to an existing application from Thursday 29 June, the case will be reassessed using our new lending policy.
Help and support
Our affordability calculator will be updated on our website on Thursday 29 June.