As of Monday Santander for Intermediaries’ buy-to-let product range opens its criteria to self-employed applicants with the intention of increasing its share of the growing buy-to-let market, whilst continuing to target non-professional buy-to-let landlords.
At least one applicant must be employed or self-employed earning a minimum basic gross salary/taxable income 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 (full or self-employed) earning a minimum basic gross salary/taxable income of £25,000 p.a.
In addition, self-employed applicants must produce either the latest Self Assessment Tax Calculation forms (SA302s) covering a minimum of 12 trading months (the most recent year-end must not be more than 18 months old); or final accounts signed by a suitably qualified accountant.
Brad Fordham, managing director for Santander for Intermediaries, said: “These latest improvements to our criteria, opening up our highly competitive buy-to-let product range to self-employed landlords, demonstrates our continued commitment to the growing buy-to-let sector.
“We want to offer intermediaries and their buy-to-let clients a choice of good value products and will continue to review our buy-to-let criteria to ensure we’re offering their clients the best product for their current and future needs.”