Santander amends BTL offering

Santander is set to increase the maximum term and age for its buy-to-let products.

The bank is also making changes to its affordability calculator.

The amendments, which will come into place on 15 April, will see the maximum age extended from 75 to 85, and the maximum lending term rise from 25 years to 40 years for its BTL products.

In addition, the lender is increasing the maximum LTV on its residential part mortgages from 75 per cent LTV to 85 per cent LTV, with a maximum of 50 per cent on interest only offerings.

Santander is also updating its affordability calculations to consider income tax bands, and national insurance to align with the 2019 to 2020 tax year.

Santander head of channel development Graham Sellar comments: “By increasing both the maximum term and maximum lending age on our BTL mortgage range, we are hoping to help landlords reap the benefits of their investment for longer.”

Recommended

Santander-700x450.jpg

FCA fines Santander £32.8m for probate and bereavement failings

The FCA has fined Santander UK £32.8m for failings in its “flawed” probate and bereavement processes. Over three years between 2013 and 2016 more than 40,400 customers were affected by the failings, where a total of more than £183m of funds were not transferred to beneficiaries when they should have been, the FCA says. According to a notice from the […]

Pure Retirement partners with Nationwide on equity release

Pure Retirement has entered a long-term agreement to provide lifetime mortgage origination and servicing for Nationwide Building Society. The equity release product provider will manage the set-up and ongoing customer servicing of Nationwide equity release customers, with the building society advising on products through its specialist team of later life mortgage consultants. Nationwide recently announced […]

Newsletter

News and expert analysis straight to your inbox

Sign up