Santander has altered its residential affordability rates and buy-to-let (BTL) criteria, with the changes due to come into effect from Wednesday.
The lender said that its residential affordability rates, which is now three per cent above its reversion rate, will now reflect the December’s Bank of England base rate.
It has also altered its BTL rental cover thresholds. Where at least one applicant’s income tax band is 20 per cent or less the interest coverage ratio will fall from 130 per cent to 125 per cent.
Where all applicants’ income tax bands are higher than 20 per cent will increase to 150 per cent from 145 per cent.
Santander added that it had introduced new rules around BTL owner occupiers, so at least one applicant must have a residential property, checked on the land registry, but they do not need to live in it.
There is also a decline rule for BTL applications for borrowers who are looking to purchase property they are renting.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
