Santander Update

Retained property affordability rate reduction

On Tuesday 28 February, we’re decreasing our residential retained property affordability rate, where the property is mortgaged and already let (or to be let). This means that some of your clients may be able to borrow more than before. You’ll still need to input the client’s actual mortgage payment into the affordability calculator as we’ll use this if it’s higher than the affordability rate.

Please note our mortgaged and not let retained property affordability rate will remain unchanged.

We encourage you to use the calculator on our website to make sure you get an accurate reflection of what we could lend your clients.

Help and support

Our affordability calculator as well as our website and lending criteria will be updated to reflect this change on Tuesday 28 February.

Pipeline rules

All full mortgage applications (FMAs) submitted by 10pm on Monday 27 February won’t be affected by these changes.

Any FMAs submitted from 6am on Tuesday 28 February will be assessed using our new affordability rate.

If a material change is made to an existing application from 6am on Tuesday 28 February, the case will be reassessed using our new affordability rate.

Valuations now available on Mortgage Application Tracking System (MATS)

We wanted to remind you that you’re now able to view your client’s valuation or transcript report in MATS.

Once you get the MATS message confirming the valuation or transcript has been received, you can log on to Introducer Internet (Case tracking > Valuation received) to see a copy of the report.  

Where a valuation or transcript includes a retention please don’t take any action until we issue the offer.  Once issued, the offer will confirm whether or not the retention will be imposed