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
Update to our residential and Buy to Let affordability rates
On Tuesday 11 October, we’re increasing all our residential and Buy to Let affordability rates to make sure that customers can afford their mortgage payments. This is due to the unprecedented rise in mortgage funding costs, projected future Bank of England base rate increases, and in line with our obligations as a responsible lender.
Our affordability and Buy to Let calculators will be updated to reflect these changes. So please use these calculators on our website to make sure you get an accurate reflection of what we can lend your clients.
Pipeline rules
Our usual pipeline rules will apply. All full mortgage applications (FMAs) already submitted on Introducer Internet by 10pm on Monday 10 October won’t be affected by these changes. Any FMAs submitted from 6am on Tuesday 11 October, or where a material change is made to an FMA that was originally submitted before 10pm on Monday 10 October, will be assessed using our updated lending policy.
New residential and Buy to Let products
Residential
- 95% LTV, 2 year fixed rate at 6.64% with no fee (plus £250 cashback) – NEW
- 95% LTV, 5 year fixed rate at 6.59% with no fee (plus £250 cashback) – NEW
Buy to Let
- 75% LTV, 2 year fixed rate at 6.09% with a £1,499 fee, remortgage – NEW
- 75% LTV, 2 year fixed rate at 6.09% with a £1,499 fee, purchase – NEW
- 75% LTV, 2 year fixed rate at 6.39% with no fee, remortgage – NEW
- 75% LTV, 5 year fixed rate at 6.04% with a £1,499 fee, remortgage – NEW
- 75% LTV, 5 year fixed rate at 6.04% with a £1,499 fee, purchase – NEW
- 75% LTV, 5 year fixed rate at 6.19% with no fee, remortgage – NEW
Full details of our new business mortgage range can be found in Rate Bulletin (Issue 21). You’ll find this on our website from Wednesday 12 October