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
Important proof of deposit and foreign currency income changes
As a responsible lender, we’re committed to meeting our anti-money laundering (AML) obligations. To do this, we regularly review the list of countries and jurisdictions from where we accept deposit funds and foreign currency income for mortgage applications.
From Monday 23 January we’re making some important updates to our proof of deposit and foreign currency income requirements.
Proof of deposit
We’ll no longer accept residential or Buy to Let applications where your client’s mortgage deposit funds originate from the countries/jurisdictions below (this includes gifted deposit applications):
Albania Barbados Burkina Faso Cambodia Cayman Islands Gibraltar
Haiti Jamaica Jordan Morocco Pakistan Panama
Philippines Senegal Trinidad and Tobago Uganda United Arab Emirates Vanuatu
Please note the above countries/jurisdictions are in addition to those we currently don’t accept.
Foreign currency income
We’ll no longer accept residential applications where any element of employed income is paid in UAE Dirham (AED).
Pipeline rules
All cases offered by 10pm on Sunday 22 January won’t be affected by these changes.
All cases that are pre-offer from 6am on Monday 23 January will be assessed using our new AML policy.
All cases where a material change is made post-offer will be reassessed using our new AML policy.
Further information
The lending criteria and evidence requirements guide will be updated on our website on Monday 23 January.
Santander rates update
On Tuesday 24 January, we’re making further reductions across the residential new business and product transfer ranges. Selected new business fixed rates will reduce by up to 0.12%, and selected tracker rates by 0.15%. We’re also introducing a new 60% LTV 3 year fixed rate for purchases and remortgages.
In the residential product transfer range, all fixed rates up to 85% LTV will reduce by between 0.05% and 0.12%, and all 2 year trackers up to 85% LTV will reduce by 0.20%.
There are no changes to new business or product transfer Buy to Let rates. Product end dates and completion deadlines will also roll on by one month.
New business
Full details of the changes can be found on our website.
Product transfers
Residential fixed rates up to 85% LTV will reduce by between 0.05% and 0.12%
Residential 2 year trackers up to 85% LTV will reduce by 0.20%
No changes to Buy to Let rates
Product transfer rates are tailored to each customer; you won’t find them on sourcing systems. Please log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of rates. However, if you’re happy to use an estimated LTV, you can review what rates are available in the product transfer rate bulletin on our latest rates page from Tuesday 24 January
Monthly housekeeping
Roll on of our charge and benefit end dates by one month to 2 May
Completion deadlines have been rolled on to:
5 June 2023 for product transfers
31 July 2023 for purchases
4 August 2023 for remortgages
Product codes will be replaced across the new business and product transfer ranges
Further information
Full details of our new business mortgage range can be found in Rate Bulletin (Issue 2). You’ll find this on our website from Tuesday 24 January