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Santander tightens self-employed evidence requirements

  • 06/11/2020
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Santander tightens self-employed evidence requirements
Santander has tightened its requirements for self-employed borrowers by requesting additional and up-to-date evidence of trading.


The lender is the latest to make rules for self-employed borrowers stricter, something which has frustrated brokers advising their clients.

The additional requirements will kick-in from Sunday 8 November and affect self-employed applications over 75 per cent loan to value (LTV) and limited company directors.

Santander told Mortgage Solutions: “These updates to our policy will ensure we continue to act responsibly in our role as a mortgage lender, and that any lending we give to customers is affordable and right for them.”


Self-employed applications over 75 per cent LTV

In addition to existing evidence requirements, Santander will be asking for three months’ business bank statements for all self-employed applications over 75 per cent LTV.

The most recent bank statement must not be more than 30 days before the date of the application and should evidence that the business is healthy, trading at the expected level, and showing no signs of financial pressure.


Limited company directors

Santander will ask for an accountant’s certificate to assess the performance of the business and income for all limited company director applications below 90 per cent LTV.


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