Important residential lending criteria changes

On Monday 24 June 2019, we made some maximum LTV changes and updated our residential affordability rates. We’ve also updated our Mortgage Terms of Business and Data Protection Agreement.

 

Maximum LTV for interest only applications

We’ve increased the maximum LTV for interest only residential applications where at least one applicant has a gross annual income of more than £250,000.

Interest only

An applicant has a gross annual income of Previous LTV From 24 June

£250k or less

50%

50%

More than £250k

50%

75%

Part and part

An applicant has a gross annual income of   Previous LTV From 24 June

£250k or less

85%

(max 50% on interest only)

85% 

(max 50% on interest only)

More than £250k

85%

(max 50% on interest only)

85%

(max 75% on interest only)

Our lending criteria has been updated to support this change.

 

Residential affordability rates

We’ve changed our residential affordability rates used to calculate how much your clients could borrow.

Our affordability calculator has been updated to support this change.

 

Mortgage Terms of Business and Data Protection Agreement

We’ve made changes to the following sections in the Mortgage Terms of Business:

  • Section 8 to confirm that you must collect and retain a signed copy of the Customer Declaration.
  • Section 9 to explain that where an email address or mobile phone number is provided, we may contact you by email or text.

We’ve made changes to the following sections in the Data Protection Agreement:

  • Section 4 (Part 2) to confirm details we will hold on our Santander Gifts and Hospitality Register.
  • Section 8 (Part 2) to update the callcredit.co.uk email address to transunion.co.uk.

Please make sure you use the latest versions of Mortgage Terms of Business and Data Protection Agreement.

Back