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Santander sets date for older borrower capital repayment range

  • 28/05/2015
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Santander sets date for older borrower capital repayment range
Santander says it intends to have a range of solutions for existing back book customers struggling to pay off their interest-only mortgage available by early 2016.

Last year, it was reported that Santander was considering launching a lifetime mortgage product for older customers unable to pay off their interest-only mortgage but did not want to downsize.

Speaking to Mortgage Solutions, Graham Sellar, head of business development, mortgages, said: “We’re working on a number of solutions for customers including making it easier to make capital repayments and evolving our capital and interest conversion process.

“For those customers where a lifetime solution may be appropriate we are continuing to develop our potential offer.”

Brad Fordham, managing director of Santander for Intermediaries, confirmed that the lender was looking at a date of early 2016 to launch a range of products.

Earlier this month, equity release lender More 2 Life, announced it was changing its approach to how it marketed retirement lending products and said it was looking to launch a bridging interest-only lifetime mortgage in the near future.

At the Buy to Let Market Forum in April, Santander announced it planned to lend £20bn of mortgages through the intermediary channel this year, with a significant proportion of this made up of buy-to-let lending.

Fordham added: “We’re comfortable with our position in the buy-to-let market at the moment. We’re not looking to be a BM Solutions or TMW, but if you wanted to rank us then we’d be looking to be third in terms of buy-to-let market share.”

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