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
SFI – Introducer Internet downtime
Introducer Internet downtime
Introducer Internet won’t be available between 7pm – 10pm on Wednesday 19 April.
Your brokers won’t be able to submit cases during this time. We’re sorry for any inconvenience caused.
Residential and Buy to Let lending policy updates
On Wednesday 19 April, we’ll be making some changes to our residential and Buy to let lending policy.
Residential changes
Secondary income
A maximum of 70% secondary income (previously 65%) will be used for affordability. Secondary income, whilst not permanent or guaranteed, is still regular and sustainable.
Please use our affordability calculator as it will automatically work out how much income we can use and calculate the net monthly income figure.
Residential affordability rates
Following the Bank of England base rate increases in February and March, we’ll be increasing our residential affordability rates. We’ll also be updating our affordability calculator to take into account the 2023/2024 tax year changes and household expenditure figures.
Please use our affordability calculator on our website to get an accurate reflection of what we can lend your clients.
Buy to Let changes
Buy to Let affordability rates
Our Buy to Let affordability rates will be decreasing:
- Our standard affordability rate will decrease to 7.59% from 8.25%.
- Our 5 year fixed affordability rate will decrease to 6.09% from 7.25%.
- Our £4£ remortgage affordability rate will decrease to 6.09% from 7.75%.
Pipeline rules
All full mortgage applications (FMAs) submitted by 10pm on Tuesday 18 April won’t be affected by these changes.
Any FMAs submitted from 6am on Wednesday 19 April will be assessed using our new lending policy.
If a material change is made to an existing application from Wednesday 19 April, the case will be reassessed using our new lending policy.
Help and support
Our affordability and Buy to Let calculators and our residential and Buy to Let lending criteria will be updated on our website on Wednesday 19 April.
Selected residential and Buy to Let rate reductions
On Wednesday 19 April, we’re reducing selected rates in the new business range and introducing new Buy to Let products. Selected rates in the product transfer range will also reduce. Charge and benefit end dates and completion deadlines will roll on by one month.
New business
- Selected residential remortgage rates with no fee will reduce by between 0.13% and 0.17%
- All Buy to Let rates reducing by 0.20%, plus new rates will be introduced
Product transfers
- Selected residential rates with no fee will reduce by between 0.13% and 0.17%
- All residential lifetime tracker rates will reduce by 0.30%
- Buy to Let rates at 75% LTV and under will reduce by at least 0.20%, with the 60% LTV 5 year fixed reducing by 0.62% to 4.37% with a £1,749 fee (increased by £250)
- Please log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of rates. You won’t find these on sourcing systems. If you’re happy to use an estimated LTV, you can find the full range in the product transfer rate bulletin on our latest rates page from Wednesday 19 April
As this relaunch includes rate reductions and is exactly 14 days before Wednesday 3 May, we’re applying an exception to our cancellation post acceptance policy. We’ll allow any pre-booked deals due to start on Wednesday 3 May to be cancelled until close of business on Thursday 20 April. This exception provides two days to identify and submit cancellation requests. Requests after this date will be rejected. All other criteria remains unchanged.
Monthly housekeeping
- Roll on of our charge and benefit end dates by one month
Completion deadlines have been rolled on to:
- 5 September 2023 for product transfers
- 31 October 2023 for purchases
- 3 November 2023 for remortgages
- Product codes will be replaced across the new business and product transfer ranges
Further information
- Full details of our new business range can be found in Rate Bulletin (Issue 9). You’ll find this on our website from Wednesday 19 April