Brilliant Solutions

The internet is down in our Head Office.  Staff continue to answer the phone and respond to messages but understandably response times and service standards are affected.  Please contact your Relationship Manager directly if you have any urgent issues.  Thank you.

Our office will be closed from 5pm Thursday, 20th October to 9am Friday, 21st October.
If you have any cases or enquiries that this may affect, please contact our team today. We apologise for any inconvenience.

We are currently experiencing some technical issues that are affecting our telephone lines and internet connection.

We hope to resolve this asap. Apologies for the inconvenience.

 

In honour of Her Majesty Queen Elizabeth II our offices will be closed on Monday 19th September while our staff pay their respects.

The office will re-open at 9am on Tuesday 20th September.

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.  Visit Santander for Intermediaries website

Residential affordability updates

On Wednesday 6 April we’re making the following updates to coincide with the start of the 2022/2023 tax year:

  • National insurance and dividend income tax rates are being increased by 1.25 percentage points, and Scottish tax bands are also changing.
  • Household expenditure figures are being updated to reflect the most recent Office of National Statistics (ONS) data.

We’re also increasing our 5-year fixed, £4£ remortgage and retained property residential stress rates.

Our affordability calculator will be updated to reflect these changes. Please use this calculator to make sure you get an accurate reflection of what we can lend your clients.

Residential lending criteria

At the same time, we’re updating our residential lending criteria to include:

  • Applicants – what to do where an applicant has just one name (first name or surname)
  • Cladding – updated to include a revised question, confirmation that responses need to be on letter headed paper with job title of signatory showing, and that we don’t need an EWS1 form or other supporting cladding information.
  • Maximum product LTVs – clarified LTVs over £1m
  • Foreign nationals – clarified evidence required.
Pipeline rules

Our usual pipeline rules will apply. All full mortgage applications (FMAs) already submitted on Introducer Internet by close of business on Tuesday 5 April won’t be affected by these changes. Any FMAs submitted from 6am on Wednesday 6 April, or where a material change is made to an FMA submitted before close of business on Tuesday 5 April, will be assessed using our updated lending policy.

How are we supporting the change?

We’re updating the SFI website affordability calculator and lending criteria.

Santander for Intermediaries Website

Santander rates update
New business increases of up to 0.25%, selected withdrawals and product transfer changes

On Tuesday 5 April, we’re increasing rates across our residential and Buy to Let ranges by between 0.05% and 0.25%.  We’re also temporarily withdrawing most of our residential and Buy to Let zero fee products.  Selected product transfer fixed rates are also increasing by up to 0.15%.

Residential

Increases

  • 60% LTV, 2 year fixed rate, 2.14%, £999 fee, purchase and remortgage – increased by 0.10%
  • 75% LTV, 2 year fixed rate, 2.19%, £999 fee, purchase and remortgage – increased by 0.10%
  • 85% LTV, 2 year fixed rate, 2.24%, £999 fee, purchase and remortgage – increased by 0.10%
  • 90% LTV, 2 year fixed rate, 2.29%, £999 fee, purchase – increased by 0.10%
  • 60% LTV, 5 year fixed rate, 2.24%, £999 fee, purchase and remortgage – increased by 0.20%
  • 70% LTV, 5 year fixed rate, 2.34%, £2499 fee, large loan purchase and remortgage – increased by 0.10%
  • 75% LTV, 5 year fixed rate, 2.29%, £999 fee, purchase and remortgage – increased by 0.20%
  • 75% LTV, 5 year fixed rate, 2.39%, £2499 fee, large loan purchase and remortgage – increased by 0.05%
  • 85% LTV, 5 year fixed rate, 2.34%, £999 fee, purchase and remortgage – increased by 0.20%

Withdrawals

  • 75% LTV, 2 year fixed rate, 2.19%, £0 fee, purchase
  • 85% LTV, 2 year fixed rate, 2.44%, £0 fee, remortgage
  • 85% LTV, 2 year fixed rate, 2.24%, £0 fee, purchase
  • 90% LTV, 2 year fixed rate, 2.29%, £0 fee, purchase
  • 75% LTV, 5 year fixed rate, 2.19%, £0 fee, purchase
  • 85% LTV, 5 year fixed rate, 2.44%, £0 fee, remortgage
  • 85% LTV, 5 year fixed rate, 2.24%, £0 fee, purchase
  • 90% LTV, 5 year fixed rate, 2.59%, £0 fee, purchase

Increases – New Build

  • 75% LTV, 2.5 year fixed rate, 2.19%, £999 fee, purchase – increased by 0.10%
  • 75% LTV, 2.5 year fixed rate, 2.39%, £0 fee, purchase – increased by 0.20%
  • 85% LTV, 2.5 year fixed rate, 2.24%, £999 fee, purchase – increased by 0.10%
  • 85% LTV, 2.5 year fixed rate, 2.44%, £0 fee, purchase – increased by 0.20%

Increases- Help To Buy

  • 75% LTV, 2 year fixed rate, 2.44%, £0 fee, purchase – increased by 0.15%
  • 75% LTV, 2.5 year fixed rate, 2.24%, £999 fee, purchase – increased by 0.10%
  • 75% LTV, 5 year fixed rate, 2.34%, £999 fee, purchase – increased by 0.20%
  • 75% LTV, 5 year fixed rate, 2.49%, £0 fee, purchase – increased by 0.20%
Buy To Let

Increases

  • 60% LTV, 2 year fixed rate, 2.19%, £1499 fee, purchase and remortgage – increased by 0.15%
  • 75% LTV, 2 year fixed rate, 2.24%, £1499 fee, purchase and remortgage – increased by 0.15%
  • 60% LTV, 5 year fixed rate, 2.29%, £1499 fee, purchase and remortgage – increased by 0.25%
  • 75% LTV, 5 year fixed rate, 2.34%, £1499 fee, purchase and remortgage – increased by 0.25%

Withdrawals

  • 75% LTV, 2 year fixed rate, 2.44% £0 fee, purchase and remortgage
  • 75% LTV, 5 year fixed rate, 2.44% £0 fee, purchase and remortgage

Product Transfer

  • We’re increasing selected rates across our residential and buy to let ranges by between 0.10% and 0.15%.
  • Santander product transfer rates are personalised to each customer, so you won’t find them on sourcing systems. Please log on to our Online Mortgage Transfer Service in Introducer Internet on behalf of your client to view the rates available to them.

Further Information

  • For full details of our new business mortgage range please see the Rate Bulletin (Issue 6) which will be available on our website on Tuesday 5 April.
  • Applications for products in Rate Bulletin (Issue 5) must be received by 10pm on Monday 4 April.
Changes to our self-employed policy

On Monday 11 April we’re making the following changes that will affect self-employed residential applications.

Changes to how we calculate self-employed income

We’ll now be taking an average of the last two years’ income figures, or the latest year if this is lower. For existing Santander mortgage customers moving home, underwriters may be able to utilise a more individual assessment.

We’re still limiting applications where any applicant is self-employed to 75% LTV (excluding existing Santander mortgage customers moving home).

Our affordability calculator will be updated to reflect these changes, so please use this calculator on our website to make sure you get an accurate reflection of what we can lend your clients.

Introducer Internet changes
  • We’re streamlining the Covid-19 business impacted definition and will now only capture details of any outstanding support loans.
  • The Covid-19 question will be removed and replaced with a new question confirming any outstanding Bounce Back Loan (BBLs) or Coronavirus Business Interruption Loan (CBILs).

Any undisclosed BBL/CBIL liability will lead to a decline decision.

Simplifying the income evidence required

We’re simplifying the income evidence requirements, primarily through an updated accountant’s certificate, which went live on 30 March. Applicants providing the updated accountant’s certificate will no longer need to provide business bank statements.

Type of business

Evidence required

Limited company

  • Accountant’s certificate  

Sole trader/partnership

  • Accountant’s certificate


Or, if the applicant doesn’t have an accountant, we need:

  • Latest 2 years’ Self Assessment Tax Calculation Forms (SA302s) and Tax Year Overviews (TYOs); plus
  • Latest business bank account statement (dated within the last 30 days).

Please note: updated MATS messages will be sent.

How we treat Covid-19 liabilities

Where there is an outstanding BBL/CBIL, underwriters will continue to factor the repayments into the affordability assessment.  The additional information captured on the accountant’s certificate may support a more detailed individual assessment.

Pipeline rules

Our usual pipeline rules will apply. All full mortgage applications (FMAs) already submitted on Introducer Internet by close of business on Saturday 9 April won’t be affected by these changes. Any FMAs submitted from 6am on Monday 11 April, or where a material change is made to an FMA submitted before close of business on Saturday 9 April will be assessed using our updated lending policy.

How are we supporting the change?

These changes will be reflected in Introducer Internet, our affordability calculator and our evidence requirements guide.

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