News
Santander changes residential and BTL affordability rates; Clydesdale halves max borrower limit to two – round-up
High street lender Santander has lowered its residential and buy-to-let (BTL) affordability rates following the base rate cut.
The changes to Santander’s affordability rates come into force from 10 September.
For residential affordability rates, the lender said it would be reducing its rates and told brokers to use its affordability calculator to get an “accurate reflection of what we can lend your clients”.
On the BTL side, the standard affordability rate will decrease from 7.43% to 7.31%, while for a five-year fixed rate, the affordability rate will fall from 5.43% to 5.31%.
The affordability rate for a pound-for-pound remortgage will decrease from 5.43% to 5.31%.
Santander said that brokers should use its BTL calculator to get an “accurate reflection of what we can lend your clients.”
Market Moves: Understanding UK Housing Trends
Introducing the first in our video series “Market Moves: Understanding UK Housing Trends” The
Sponsored by Halifax Intermediaries
The lender said that full mortgage applications submitted before 10pm on 9 September would not be impacted by these changes, but after 6am on 10 September, applications will be assessed using the new lending policy.
Clydesdale Bank lowers max number of borrowers per mortgage application
Clydesdale Bank has lowered the maximum number of borrowers for a mortgage application from four to two.
The change to the maximum number of borrowers comes into force from 9 September and applies to residential and BTL lending.