These changes mark the latest step in Santander’s journey to becoming intermediary partner of choice with the intention of increasing its share of the growing buy-to-let market whilst continuing to target non-professional buy-to-let landlords.
SFI will now consider buy-to-let applications from landlords who will have:
• A maximum of seven buy-to-let properties on completion of the new mortgage;
• A maximum of five buy-to-let properties mortgaged with Santander on completion of the new mortgage;
• A minimum of one and a maximum of ten secured credit commitments at the time of application.
In addition, at least one applicant must be employed earning a minimum basic gross salary of £50,000 per annum where an applicant will have five or more buy-to-let properties on completion or five or more secured credit commitments at application.
Where an applicant has four or less buy-to-let properties on completion or four or less secured credit commitments at application, the criteria remains the same with at least one applicant in employment earning a minimum basic gross salary of £25,000 pa.
Phil Cliff, director of retail assets for Santander, said: “The buy-to-let market is continuing to see strong growth and the latest improvements to our criteria herald the next step in our journey to becoming the intermediary partner of choice, demonstrating our continued commitment to this market.
“We’re keen to support the non-professional landlords sector and will continue to review our buy-to-let criteria to ensure we’re offering your clients the right mortgage with features to meet their needs now and in the future.”