New 85% 2 year fixed & range of zero fee products
On Tuesday 1 December, we’re launching a new 85% LTV 2 year fixed rate available for purchase and remortgage. We’re also introducing a new range of zero fee 2 and 5 year fixed products available at 60% 75% and 85% LTV.
New 85% LTV – purchase and remortgage
- 85% LTV 2 year fixed at 2.84% with £999 fee
New zero fee products
- 60% LTV 2 year fixed at 1.64% with £0 fee – remortgage
- 60% LTV 2 year fixed at 1.79% with £0 fee – purchase
- 75% LTV 2 year fixed at 1.89% with £0 fee – remortgage
- 75% LTV 2 year fixed at 2.19% with £0 fee – purchase
- 85% LTV 2 year fixed at 3.14% with £0 fee – purchase and remortgage
- 60% LTV 5 year fixed at 1.74% with £0 fee – remortgage
- 60% LTV 5 year fixed at 1.93% with £0 fee – purchase
- 75% LTV 5 year fixed at 2.09% with £0 fee – remortgage
- 75% LTV 5 year fixed at 2.24% with £0 fee – purchase
For full details of our new business mortgage range please see the Rate Bulletin (Issue 25) which will be available on our website on Tuesday 1 December.
Important lending criteria changes for Brexit
On Sunday 6 December, ahead of the Brexit transition period ending on 31 December, we’re making some lending criteria changes to make sure we’re ready to comply with the new regulations.
EEA/Swiss citizens (excluding Republic of Ireland)
For residential mortgage applications over 75% LTV where we use their income for affordability purposes, EEA/Swiss citizens (excluding Rep. of Ireland) will need to evidence their permanent right to reside in the UK. This can be proof of their settled or pre-settled status as part of the EU Settlement Scheme or other acceptable evidence.
This will also apply to Buy to Let (BTL) applications where their income is required to meet the minimum £25,000 for eligibility purposes.
Country of residence
All residential and BTL applicants must be UK resident. Where applicants are not UK resident, we’ll only consider applications for new lending (including existing Santander mortgage customers moving home) in certain scenarios. View more details.
Pipeline (in-flight) cases
EEA/Swiss citizens (excluding Rep. of Ireland)
ll full mortgage applications over 75% LTV for EEA/Swiss citizens (exc. Rep. of Ireland), where income is used for affordability, that are submitted on Introducer Internet by 9pm on Saturday 5 December won’t be affected. This means no evidence of their permanent right to reside in the UK will be required.
However, we will ask for evidence of their permanent right to reside in the UK if, from 6 December, certain changes are made to the application. View more details.
In addition, from 6 December, substitute properties and re-submitted cases, including appeals on an earlier decline decision, will not be treated as pipeline cases.
Country of residence
For pipeline applications that have received a mortgage offer before 6 December 2020, the country of residence will not need to be the UK or one of the permitted scenarios.
- View full details of the scenarios where we’ll allow a non-UK resident application and the more detailed pipeline rules for EEA/Swiss citizens (exc. Rep. of Ireland).
- he lending criteria and evidence requirements will be updated on our website on 6 December.
Introducer Internet downtime
Introducer Internet won’t be available from 9pm on Saturday 5 December until 6am on Monday 7 December.
Brokers won’t be able to submit cases during this time. We’re sorry for any inconvenience caused.