Santander confirms BTL launch imminent
A spokeswoman for Abbey for Intermediaries said: “We are pleased to confirm we will be entering the non-professional sector of the buy-to-let market shortly. We expect this to be in the next few weeks.”
Brokers who have consulted with Santander say the lender plans to offer buy-to-let products up to 75% loan to value to landlords with one to three properties and will cap arrangement fees at £1,000 as opposed to charging a percentage fee.
Santander’s launch into buy-to-let has been rumoured for over a year but reports suggest technical glitches delayed an April launch until October and now December.
A source close to Santander said the lender’s systems have now been fully tested and all business development managers prepped “ready to go next week”.
The source added that administration staff in Glasgow have also been trained and are ready for the launch.
Santander was unable to confirm any product details.