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Santander buy to let lending criteria

Santander buy to let lending criteria

Santander - Buy to let Lending criteria

Notes: The following information may contain errors. We have not verified this information with the lender.

Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

Mortgage Lending Criteria

Upto £750,000 (Remortgage only LTV 60)

Mortgage is Portable
If you move house you may be able to transfer this mortgage to another property as long as you meet the conditions set out in the mortgage conditions booklet under ‘Transferring your loan to a new mortgage`.

- Mortgage is NOT for First time buyers
Arrears are not acceptable within last 12 months

General Conditions:
The customer may transfer their mortgage to another property subject to the following conditions:
All offers need to meet Lender’s normal lending policy
These offers are subject to availability and may be withdrawn at any time
Lender reserves the right to withdraw the Fixed/Variable Tracker/Capped / Rate and reclaim the cashback if the property is no longer owner occupied or the customer does not comply with the conditions of their mortgage.
The mortgage must remain with the Lender until the charge end date or a charge will apply. If the benefit end date is before the charge end date, the mortgage must remain at the appropriate Tracker rate until the charge end date. For products with Standard Variable Rate collars, customers will be required to stay on the Standard Variable Rate or the collar rate, whichever is the higher, until the charge end date.

Resident in the UK with permanent rights to reside in the UK;
Maximum of two applicants.

We will give you your first standard mortgage valuation free (costing up to £1,190), using one of our chosen surveyors. You will be obliged to use one of our participating panel of surveyors and solicitors/conveyancers. If you are transferring your mortgage to us, the solicitors/conveyancers instructed will only act for us. If you are purchasing your home the solicitors/conveyancers instructed will act for both you and us. You’ll have to pay the following third party fees: a) solicitors/conveyancers fees for submitting the Stamp Duty Land tax form to HMRC; b) any disbursements due like land searches and land registration fees, if applicable; and c) any Stamp Duty. If any additional work is required which is not normally associated with a remortgage/purchase, e.g. a transfer of equity, then this must be at your own cost. You will be provided with details of any additional fees or the cost of any additional work before any work is carried out.

Abbey will pay £250 cashback towards your moving/legal costs on completion of your mortgage.

You may make lump sum or regular overpayments at any time.
Please refer to section 10 for details of any early repayment charges that may apply.
If there is an early repayment charge referred to in section 10, you may, without having to pay an early repayment charge, make additional capital repayments of up to 10% if the loan for each year (calculated on the balance on 1 January of the year of payment and on completion balance for loans completing during the year).
Overpayments in excess of 10% each year will attract an early repayment charge on the amount of the excess
Overpayment can be used to reduce future mortgage monthly payments, or to reduce the amount you owe.
You should let the lender know when making the overpayment how you want it to be used.
Please refer to your mortgage conditions for further details. If the overpayment is used to reduce the amount you owe then the interest you pay will be recalculated immediately.


Buy to Let : Accepted, Max properties 6
Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment 75% LTV
Pension 75% LTV
Interest only (no RV) 75% LTV
With Profits 75% LTV
Unit Linked 75% LTV
Split Repayment 75% LTV


Arrangement : None
Booking : £varies Can be Added

Early Repayment Charges
During fixed rate

10% capital repayments allowed per year without penalty

Higher Lending

upto £50,000 - £350
upto £100,000 - £400
upto £150,000 - £450
upto £200,000 - £500
upto £250,000 - £550
upto £300,000 - £600
upto £400,000 - £700
upto £500,000 - £800
upto £600,000 - £875
upto £700,000 - £950
upto £800,000 - £1000
upto £900,000 - £1050
upto £1,000,000 - £1100
upto £1,500,000 - £1385
upto £2,000,000 - £1700
upto £2,500,000 - £2025

Min Valuation £75000
Where a product offers a free valuation incentive, this incentive is specifically for the provision of a Valuation for Mortgage Purposes only. If the applicant requires any other valuation type, no incentive is available. Please refer to lender for further details if required.

The Booking Fee can be added to the loan

Remortgage Solution
(Available to remortgage customers only.)

Free Valuation
All Remortgage Solution customers will receive a free valuation for mortgage purposes, up to a maximum of £1,190, property value £2.5 million. Sometimes the property will be valued by external inspection when the surveyor will view the property from the road or footpath to gain an estimate of the value or by reference to an Automated Valuation Model (AVM). The customer will not be provided with a copy of the AVM or External Inspection. In certain circumstances we may need to arrange a full inspection; in these cases, the surveyor will contact the customer directly.

Should you redeem on or before 02/10/2017 the benefit must be repaid (maximum of £250). However the benefit won’t need to be repaid if a new mortgage is completed on the same with Abbey. The repayment benefit received will be in addition to any early repayment charge applicable.
Mortgage Account Fee:
£225.00. There is a Mortgage Account Fee of £225, which is payable on completion of the mortgage. The fee can be deferred until the end of the mortgage

Please refer to the Lender's Scale of charges
Lender will require a valuation to be undertaken on the property to be let. The surveyor will be asked to confirm the expected rental income and the value of the property. The opinion of the Surveyor will be final and non-negotiable.

Where a product offers a free valuation incentive, this incentive is specifically for the provision of a Valuation for Mortgage Purposes only. If the applicant requires any other valuation type, no incentive is available.

A product change fee of £199 is payable by the customer if they want to change to another product after their mortgage application has been transmitted and prior to the product expiry/completion deadline.
You need to fax the written request to change the product to your local Regional Office, who will then contact you by telephone to obtain the customer’s valid debit/credit card details.
If the customer has already paid a booking fee upfront for the original product and wants to change to another product, the new product booking fee would be payable as well.

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow. Added fees will not be included in this calculation.
Lender Conveyancing Fee - £126.00 Payable on completion. A non-refundable legal fee must be paid to your conveyancer before the mortgage starts. The amount shown here is an estimate and covers the work carried out by the conveyancer for Santander for looking into the legal title.
Telegraphic Transfer - £35.00 Payable on completion.
Clawback of Remortgage Solution - £250.00 Payable on early redemption.
Mortgage Account Fee - £225.00 Payable on redemption. A Mortgage Account Fee for the provision and general administration of your mortgage. This fee can be paid on completion or deferred until the end of your mortgage. If you defer the payment, this fee will not increase

Acceptable Property Types
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat Refer
Flying Freehold Yes
Thatched Yes
Timber Framed Yes
Concrete Yes
Agricultural Tie No
Flat Over 4 Storeys Refer
Listed Building Yes

Not Accepted
New Build acceptable. Portfolio Limit:
Maximum of 5 Buy to Let with Santander UK, Maximum of 7 Buy to Let mortgaged properties with any lender (maximum of 10 secured credit commitments overall at application)
Please refer to lenders website for full details

Property Price/Valuation:
Minimum value £75,000
No Maximum Value

New Builds:
Builders sometimes offer sales incentives to prospective buyers to encourage them to purchase their properties. An incentive is anything the builder gives or provides to the buyer in cash or goods. We will accept up to 5% cash back towards the purchase price (no financial limit) and builders payment of legal fees and stamp duty only. Any non cash incentives, e.g. white goods, carpets, curtains etc. will be ignored.

New Build Flats - Max 70% LTV
The following flat types will be considered subject to valuation:
Fours storeys or less
Over four storeys
Over seven storeys - dwelling must have a lift.
Heritable properties considered.
The following construction will be considered subject to valuation:
Steel frames.

Accepted Locations : England, Scotland, Wales, N Ireland


Bank Statements No
At Least 3 Months Pay Slips No
P60 No
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References No

Buildings Conditional

Conditions On Loan
Min Loan /Rmg £25,000
Max Loan /Rmg £750,000
Max Portfolio of BTL Loans £3,750,000
Min Age 21 years
Max Age 75 years
Min Term 5 years
Max Term 25 years
Address History: At least 3 years address history is required.
Mortgage Term:
Minimum term 5 years
Maximum term 25 years
Maximum age at start of term is 70.
Tenancy Types:
Assured Shorthold Tenancy (minimum 6 months, maximum 12 months)
Student lets with one AST only.
Maximum of three tenants per single tenancy agreement
Only one tenancy per property.
Including the property for which the loan is being applied for, at completion an applicant can have a portfolio of no more than 7 BTL properties.  
The applicant’s portfolio must have no more than 5 properties mortgaged with Santander UK at the time the mortgage application with us completes.

Self Employed Income Evidence Requirements:
Taxable income evidenced by latest SA302 or final accounts signed off by suitably qualified accountant (most recent year end must no be more than 18 months old)
Employed customers on a probationary period accepted.
Builders gifted deposits accepted but not vendors.

Foreign Citizens Accepted
Ex-Patriates Not Accepted

Income Multipliers
Rental Income must be 125% of the monthly mortgage payments when calculated using a rate of 5%.

Min months in current position none
Min months in continuous service none
Min no. of years accounts 2
Average years taken to calculate income 1
Will consider declining profit Yes

Minimum gross rental income from the property must equal or be greater than 125% of the product rate, SVR or 5% whichever is higher based on the repayment method
Credit History:
Landlord must be credit worthy and have a good track record as evidence by good credit score and minimal adverse data at the credit bureau
Landlord must not be over committed on other secured and unsecured borrowings
Active credit history to include residential mortgage

Minimum income for single application, or at least one applicant if joint, (Employed or Self Employed) of £25k p.a. (excluding rental income) where the applicant has no more than 4 secured credit commitments at application OR the applicant’s BTL portfolio will be no more than 4 properties on completion of the application
Minimum income (Employed or Self Employed) £50k pa. (excluding rental income) where the applicant has 5 or more secured credit commitments at application OR the applicant’s BTL portfolio will be 5 or more properties (7 in total) on completion of the application

An applicant must have at least one secured credit commitment * and no more than ten secured credit commitments * at application
* Credit Commitment = a secured credit commitment for example a Mortgage Loan Part or Additional Loan or other loan type secured against the property.

Self Employed Income Evidence Requirements:
Taxable income evidenced by latest SA302 or final accounts signed off by suitably qualified accountant (most recent year end must no be more than 18 months old)

Rental Income must be 125% of the monthly mortgage payments when calculated using a rate of 5%.
Mininum Income - Single £25000
Hire Purchase NOT Taken into account
Personal Loans NOT Taken into account
Overdraft NOT Taken into account
Credit/Store Cards NOT Taken into account
Child Maintenance NOT Taken into account
Child Education NOT Taken into account
Extra Income:-
Other Income - Guaranteed No
Other Income - Regular No
Other Income - Irregular No
Investment Income No
Mortgage Subsidy No
Large Town Allowance No
Maintenance Payments No
Non Contributory Pension No
Car Allowance No


Capital Raising Not accepted
Home Improvements 60%
Debt Consolidation 60%
School Fees Not accepted
Holidays/Cars Not accepted
Buy Other Property 60%
Business Purposes Not accepted
Divorce Settlement Not accepted
Unencumbered Acceptable

For all BTL remortgages the property must have been owned for at least 6 months.
We do not accept applications where the customer is remortgaging their existing residential property as a Buy to Let, regardless of any future intentions.
We will consider remortgaging with capital raising for personal use up to 75% LTV; including:
Home/property improvements
Personal debt consolidation
Investment, including purchase of another BTL or residential property

Capital raising for business purposes is not accepted - Buy to Let capital raising is only available for personal use, not for standard use

Adverse Credit
CCJs : Not Acceptable
Defaults : Not Acceptable
Arrears : Not Acceptable
Bankrupt : Not Acceptable
Current IVA : Not Acceptable
Repossession : Not Acceptable

No Adverse accepted