Santander UK increases max loan amount and reintroduces 75% LTV on BTL
Santander UK has increased its maximum loan amount from £1m to £3m, as well reintroducing 75% loan-to-value (LTV) buy-to-let (BTL) mortgage products.
The products unveiled include, for 2-year fixed rate purchase and remortgage: 60% LTV with a £2,499 fee at 1.44%; 75% LTV with a £2,499 fee at 1.54%; 75% LTV with a £1,499 fee at 1.49%; and 75% LTV with no fee at 2.15%.
For 5-year fixed rate purchase and remortgage, the range includes: 60% LTV with a £2,499 fee at 1.64%; 75% LTV with a £2,499 fee at 1.74%; 75% LTV with a £1,499 fee at 2.04%; and 75% LTV with a £2,499 fee at 2.39%.
Helen Harrison, head of intermediary distribution at Santander for Intermediaries, said: “We are pleased to have remained open for business during the COVID-19 pandemic, progressing 70% of mortgage applications using [automated valuation models (AVMs)].
“However, we know that some customers have found it difficult to find suitable borrowing for their needs.
“We are pleased to announce today’s updates to our product range to offer support for buy to let customers and those looking to take out a larger loan.”