Brilliant Solutions

Santander Update

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. 

Important reminder – accountant’s certificate

From Friday 1 January 2021, we’ll no longer accept the old version of our accountant’s certificate dated August 2018. All FMAs submitted from 6am on Friday 1 January 2021 should be packaged with the updated accountant’s certificate dated September 2020 which is available on our website.

Self-employed evidence requirements

We wrote to you on 25 November saying that, in addition to our existing evidence requirements, we’d now be asking for three months’ business bank statements on all residential applications where your client’s income or business has been affected by COVID-19. With the government announcements of 19th December and change in tiers that many customers will now be part of, we want to remind you of our evidence requirements and tell you of some new and additional requirements.  These requirements are for new applications and existing applications you’ve provided to us but have not yet been agreed. They will also apply where a material change is made to an existing application.

Current requirements

Where your client’s income or business has been affected by COVID-19, we asked that you provide three months’ business bank statements (dated within 30 days of application); and a MATS message confirming the following:  

  • Was the business unable to trade during Covid restrictions and if so for how long?
  • What impact the previous Covid restrictions have had on the business turnover and customer income?
  • Was any government assistance applied for? If so, please give details.
  • What impact any current or future lockdown restrictions will have on the business and how this will affect the turnover and income.
  • Please explain how the business bank statements support the income declared for affordability on the application form.
New requirements
  • Where the customers business is not currently trading due to Covid-19 Tier restrictions we will be unable to use that income towards affordability.
  • Where the customer uses personal bank statements for their business, we need business related credits highlighted to be able to assess current trading levels.
  • Where SA302s are used to prove income – we need the business turnover provided to help cross reference with the bank statements.
  • In addition to providing supporting rationale that the business bank statement supports the income declared, we also ask that you provide supporting rationale that the income is sustainable going forward.

Where your client’s income or business has been unaffected by COVID-19, we would remind you to upload a Mortgage Application Tracking System (MATS) message confirming:

  • Why they haven’t been affected or how they’ve changed the way they operate.
  • Confirmation the business can continue to trade under any current or future lockdown restrictions in a way that allows the income declared on the application form to be sustainable.
Applications submitted, but not yet agreed

To avoid further delays please provide the additional information that has been detailed above. This can be done via MATS message.

Further information

Our evidence requirements for PAYE and Buy to Let applications remain unchanged. Please continue to provide full details of Covid impacts on your client’s income and personal circumstances.

Working together to keep your cases moving

With the Stamp Duty holiday deadline fast approaching, we’re continuing to see an increased volume of mortgage applications.  

To keep our service levels in line with your expectations, we’ve increased the number of colleagues underwriting mortgage applications. Please check our service page before case submission and for pipeline applications to view our current underwriting and offer times.  

We want to remind you that it’s really important now more than ever that we work together to help reduce the time it takes for your clients to move into their new homes.

With the significant delays in getting a house sale completed, especially when there is a chain it’s important to ensure your clients have allowed enough time for conveyancing work to be completed.

Take a look at our Stamp Duty holiday deadline countdown on our website where you can see how many days are remaining. You’ll also be able to check turnaround times for your client’s local searches.

Getting it right first time

To help make submitting your application a quick and easy process, and reduce your time to offer, we’ve created a top tips for a quicker mortgage offer packaging guide. We also have a tips to get a quicker offer page on our website and don’t forget, our BDMs and Telephony Team are also here to help you with any new business cases to help reduce requests for additional information post submission.

Maximum 60% LTV for all new residential self-employed applications

Following the latest government lockdown announcement and school closures, from Saturday 9 January all new residential applications where any applicant is self-employed will be temporarily limited to 60% LTV to help manage our current pipeline cases.

Self-employed evidence requirements reminder
  • Where your client’s business is not currently trading due to Covid-19 tier restrictions, we’ll be unable to use their income towards affordability.
  • Where your client uses personal bank statements for their business, we need business related credits highlighted to be able to assess current trading levels.
  • Where SA302s are used to prove income – we need the business turnover provided to help cross reference with the bank statements.
  • In addition to providing supporting rationale that the business bank statement supports the income declared, we also ask that you provide supporting rationale that the income is sustainable going forward.

Where your client’s income or business has been unaffected by COVID-19, please upload a Mortgage Application Tracking System (MATS) message confirming:

  • Why they haven’t been affected or how they’ve changed the way they operate.
  • The business can continue to trade under any current or future lockdown restrictions in a way that allows the income declared on the application form to be sustainable.
Pipeline applications

All full mortgage applications (FMAs) already submitted on Introducer Internet by 9pm on Friday 8 January, or where a material change is made to an FMA originally submitted before 9pm on Friday 8 January, won’t be affected and will continue to be progressed on our existing self-employed policy.

All FMAs submitted from 6am on Saturday 9 January will be assessed using the new self-employed lending policy.

Further information

Our self-employed policy for existing Santander mortgage customers moving home and Buy to Let applications remains unchanged. Please continue to provide full details of Covid impacts on your client’s income and personal circumstances.

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