Santander for Intermediaries will be increasing the maximum loan size across its standard 80, 85 and 90 per cent loan-to-value bands from tomorrow.
The maximum loan allowance for 80 per cent LTV will be raised from £550,000 to £1m. For 85 per cent LTV the limit has been lifted from £550,000 to £750,000 while the maximum loan at 90 per cent LTV is now £500,000 – up from £300,000.
The lender will also be launching its 60 per cent LTV lifetime tracker mortgage, offered at 2.49 per cent, which is base rate plus 1.99 per cent.
A Santander spokeswoman says: “We are increasing the maximum loan sizes on our standard range at 80, 85 and 90 per cent LTV to open up our products to customers with larger loan requirements. In January 2014, we will be joining Help to Buy Phase 2, demonstrating our commitment to the higher LTV business.
“This increase to our higher LTV products further helps intermediaries and customers needing larger loans, enabling customers to secure the mortgage that’s right for their individual needs.”