Mortgage News
Santander updates household expenditure figures and NI in affordability calculator
Santander will update household expenditure figure and National Insurance rates used in its affordability calculator from tomorrow.
The lender said that household expenditure figures will be updated to reflect the most recent figures from Office of National Statistics (ONS) data.
It added that National Insurance would be cut by 1.25 per cent in line with government changes.
Santander said its affordability calculator would be amended to align with this and urged brokers to use the calculator to ensure they get an “accurate reflection of what we can lend your clients”.
The lender said that its “usual pipeline rules” will apply, so full mortgage applications (FMAs) submitted by 10pm today will not be affected by the changes.
FMAs submitted from 6am tomorrow, or where a “material change” is made to an FMA prior to today, would be assessed under its new lending policy.
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