Santander for intermediaries announces further improvements to its Buy to Let lending criteria

Santander for Intermediaries (SFI) has today announced further improvements to its Buy to Let lending criteria. These changes mark the latest step in its journey to becoming intermediary partner of choice with the intention of increasing its share of the growing Buy to Let market, whilst continuing to target non-professional Buy to Let landlords.

SFI now considers Buy to Let applications from landlords who will have:

• A maximum of seven Buy to Let properties on completion of the new mortgage;
• A maximum of five Buy to Let properties mortgaged with Santander on completion of the new mortgage;
• A minimum of one and a maximum of ten secured credit commitments at the time of application.

In addition, at least one applicant must be employed earning a minimum basic gross salary of £50,000 per annum where an applicant will have five or more Buy to Let properties on completion or five or more secured credit commitments at application. Where an applicant has four or less Buy to Let properties on completion or four or less secured credit commitments at application, the criteria remains the same with at least one applicant in employment earning a minimum basic gross salary of £25,000 p.a.

Phil Cliff, Director of Retail Assets for Santander, said: “The Buy to Let market is continuing to see strong growth and the latest improvements to our criteria herald the next step in our journey to becoming the intermediary partner of choice, demonstrating our continued commitment to this market. We’re keen to support the non-professional landlords sector and will continue to review our Buy to Let criteria to ensure we’re offering your clients the right mortgage with features to meet their needs now and in the future.”

Santander for Intermediaries’ range of purchase and remortgage Buy to Let deals is available exclusively through the intermediary market.

• Borrowers must be aged between 21 and 70, and at least one applicant must be employed earning a minimum basic gross salary of £25,000 p.a. where an applicant has four or less Buy to Let properties on completion or four or less secured credit commitments at application OR a minimum basic gross salary of £50,000 p.a. where an applicant will have five or more Buy to Let properties on completion or five or more secured credit commitments at application.
•  Minimum purchase price of £75,000
•  Maximum loan size per property of £750,000
• A minimum deposit of 25 per cent is required and rental cover of 125 per cent or above, calculated on an interest only basis
• The Buy to Let affordability rate is 5 per cent
•  Applicants must already have a residential or Buy to Let mortgage
•  Houses in multiple occupancy not eligible

And in addition to a great Buy to Let mortgage rate, all Santander 1|2|3 Current Account customers benefit from 1% cashback on their Santander direct debit mortgage payments too.

Intermediaries can visit www.santanderforintermediaries.co.uk for full details.