This is a change from the previous limit of 85% LTV and Santander said this would unlock additional funds for homeowners.
The bank said this could support funding for home improvements or staircasing a shared ownership property.
The change will be introduced on 28 October, and for a borrower with a property worth £300,000, the maximum borrowing amount would rise from £255,000 to £270,000.
Remortgaging with capital raising for debt consolidation will remain at 85% LTV.
Graham Sellar, head of Santander for Intermediaries, said: “There are a range of reasons customers look to increase their mortgage borrowing – whether choosing to invest in their current home, rather than entering the laborious home moving process and pay stamp duty costs, or gifting funds to help a family member get their foot on the property ladder.
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“Our upcoming changes can help homeowners access more money to achieve their plans, and as a responsible lender, we would encourage anyone looking to borrow more on their mortgage – for any reason – to seek independent advice to understand the implications and costs involved.”
Hinckley & Rugby BS updates core and JBSP ranges
Hinckley & Rugby for Intermediaries has made changes to its core and joint borrower sole proprietor (JBSP) mortgages with fixed and discounted options.
The mutual has added two- and five-year fixes and discounted rates up to 95% LTV, with rate cuts of up to 179 basis points.
This includes the two-year discount available up to 90% LTV, priced at 5.1% – a reduction of 1.79% – and the option at 95% LTV, which has been cut by 1.5% to 5.39%.
Hinckley & Rugby Building Society has also added a two-year fix at 95% LTV with a rate of 6.25%, and a five-year fix at the same tier priced at 6.1%.
All products come with no application fee, a £800 completion fee, £250 cashback, and a 10% annual overpayment allowance.
Laura Sneddon, head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries, said: “Affordability remains one of the biggest challenges for brokers and their clients, and that’s exactly where products like these make a difference. Our new two- and five-year fixed options, alongside refreshed discounted rates of up to 179 basis points, are designed to give brokers more flexibility when structuring cases across higher LTV bands.
“What we’re seeing more often is that clients don’t always fit traditional profiles. Whether it’s first-time buyers combining incomes, families helping each other, or more complex financial arrangements, JBSP continues to prove its value as a practical solution. It gives borrowers the framework to buy together, while keeping ownership simple and clear.
“By updating our high-LTV residential product suite, we’re making sure brokers have the right tools to support those real-life scenarios.”
