Santander promises B2L caution
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Bill Gray, deputy chief credit officer at Santander, says the lender has learnt from its past mistakes in buy-to-let and will not re-enter the market until it is confident it can offer a good service.
Speaking at the Pink Home Loans conference, Gray told delegates he would have liked to have offered policies a few months ago.
He said: “If any of you remember when we used to be in the buy-to-let market, you will also recall our service was dreadful.”
He added: “It has taken us three years to get our service back up to the standard it is today and we don’t want to go out into buy-to-let until we have a credible proposition, but we won’t make the same mistakes again - we will be in the market as soon as we can.”
It is believed Santander subsidiary Abbey for Intermediaries still intends to launch into the buy-to-let market by the end of the year.
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