All full first-time buyer applications already submitted through Introducer Internet by close of business Thursday 12 February will be allowed to continue on the existing income multiple policy.
New full applications received from Friday and any cases where a material change is made will be assessed on the 4.49 times income multiple policy.
In a note to brokers Santander said: “This change reflects our continued prudent approach to lending and affordability and is in line with current market conditions.
“All mortgage applications are assessed on affordability using the affordability calculator and are subject to additional policy including maximum income multiples.”
Barclays capped all its mortgage lending to 4.5 times income in January after briefly applying the cap to mortgages over 80% LTV. It said it had rolled out the policy change to all its mortgages to simplify criteria for brokers.
