April 05, 2024
Santander issues new rules for customers and it starts from Tuesday
Santander has amended its mortgage policies to give buyers a wider selection of products . The high street bank, which is rivalled by the likes of TSB, Nationwide, HSBC UK, Lloyds, Barclays and more, will offer 40-year interest-only mortgages to allow customers a greater choice of repayment options. 75% LTV interest-only products are now open to joint applicants with a minimum income of at least £200,000 are also being offered. Santander has also increased the maximum loan size on selected residential fixed rate products up to 85% LTV. It has also made changes to National Insurance and Child Benefit reflected in affordability calculations. From Tuesday 9 April, Santander will be making a number of changes to its lending criteria. The changes will enable would-be homebuyers to access a wider range of products. READ MORE All the parts of England set for heatwave this weekend with 13 areas hit Santander is increasing the maximum term it offers on interest-only mortgages to 40 years in line with its capital and repayment mortgages, up from 25 years. It is also enabling applicants with a combined overall income of £200,000 or more to access up to 75% LTV products, rather than requiring a single applicant to earn at least £250,000. Santander will also make changes to the LTVs on residential fixed rate larger loans to help improve affordability. For all mortgages between £1,000,000 and £2,000,000, Santander is increasing the minimum LTV from 75% to 85%. These changes support customers in accessing an LTV product that may have previously been unavailable to them. Graham Sellar, Head of Development, Mortgages said in a statement: “Home ownership is a key focus for many, but affordability can often be people’s Achilles heel. Today’s changes, including opening up interest only products for more people, while reflecting recent tax changes that improve people’s take-home pay in our affordability calculations, aim to address this and support more homeowners.”
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