Santander for Intermediaries (SFI) has unveiled a new 75% LTV, five-year fixed rate buy-to-let product.
The new 4.34% rate is available to both employed and self-employed non-professional landlords with a £1,495 fee and comes with Santander’s unique Homebuyer or Remortgage Cashback Solutions.
The five-year fixed is the latest addition to SFI’s buy-to-let range, following the extension of its buy-to-let criteria to self-employed landlords on the 7 April, with the intention of increasing Santander’s share of this growing market.
Santander for Intermediaries is also reducing a selection of its buy-to-let mortgage rates by 0.30 percentage points:
- Two-year fixed at 60% LTV, reduced from 2.99% to 2.69% with Homebuyer & Remortgage Cashback Solutions, with a £1495 fee;
- Two-year fixed at 75% LTV, reduced from 3.49% to 3.19% with Homebuyer & Remortgage Cashback Solutions, with a £1495 fee;
- Two-year tracker at 75% LTV, reduced from 3.35% to 3.05% with Homebuyer & Remortgage Cashback Solutions, with a £1495 fee.
Brad Fordham, managing director for Santander for Intermediaries, said: “The growing buy-to-let market is a key sector for SFI. We’ve listened to feedback from our intermediary partners and these latest changes, which include the launch of our five-year fixed for those landlords seeking guaranteed payments for the longer term plus reduced 60% and 75% LTV rates, demonstrate our commitment to this sector.
“We will continue to review our buy-to-let offering, to ensure our competitive mortgages offer good value and are accessible to both employed and self-employed non-professional landlords, meeting their requirements for both now and in the future.”
In addition, all Santander 1|2|3 Current Account customers benefit from 1% cashback on their Santander direct debit mortgage payments too.
SFI considers buy-to-let applications from employed and self-employed landlords who 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 10 secured credit commitments at the time of application.
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, then the first applicant must be 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.
