Buy to Let

Our wide range of Buy to Let mortgages gives your clients a choice of different products, LTVs and product fees as well as:

  • Free standard valuation up to a property value of £2.5m - available on all products.
  • Plus either standard legal fees paid (and free checking of the Tenancy Agreement e.g. Assured Shorthold Tenancy) or £250 cashback for Buy to Let remortgages. Early repayment charges apply.

Key criteria

All Buy to Let properties need to meet the following criteria:

  • At least one applicant must own the residential property which they live in. 
  • At least one applicant must have a minimum income of £25,000. We won't accept rental income from Buy to Let properties to meet this minimum income requirement.
  • Maximum loan size £750,000.
  • Minimum property value £75,000.
  • Maximum LTV 75%; new build flats 70% LTV.
  • Remortgage with capital raising (including debt consolidation) for personal use up to 75% LTV.

Affordability

Our Buy to Let calculator confirms the maximum we may be able to lend. All Buy to Let properties must meet our minimum rental cover at the Buy to Let affordability rate on an interest only basis:

Application type

Rental cover

Buy to Let affordability rate

At least one applicant's income tax band is 20% or less

All applicants' income tax bands are 40% or 45%

Less than 5 year products

5 year fixed

Purchase or remortgage

130%

145%

5.50%

4.50% (2)

Remortgage without capital raising (meets eligibility criteria for transitional arrangements)         

125%

125%

5.00%

4.50% (2)

Porting applications don't qualify for the 4.50% affordability rate, so 5.50% applies.

Eligibility criteria for transitional arrangements:

  • No increase in the amount borrowed (adding product fees is allowed)
  • Buy to Let property must have been purchased before 1 January 2017
  • No additional Buy to Let lending has been taken on or after 1 January 2017. 

All properties must be self-financing so the rent must cover both 100% of the mortgage payment at the higher of our Buy to Let affordability rate, product rate or Santander's Follow-on Rate (based on the chosen repayment method) plus monthly running costs.

Property criteria

Purchase and remortgage applications must meet our property criteria on completion of the new mortgage:

Maximum number of mortgaged let properties with any lender

3

Maximum number of let properties

10 (of which a maximum of three can be mortgaged)

 

Portfolio landlords

We define portfolio landlords as an applicant(s) owning four or more mortgaged let properties (including holiday lets) on completion of the new Buy to Let property with us, whether it's on their own, with anyone else or in a limited company or LLP where the applicant(s) owns an interest.

We only consider portfolio landlords if the application is a remortgage without capital raising which meets our transitional eligibility criteria. For these applicants, the application must meet the following property criteria on completion of the new mortgage:

Maximum number of mortgaged let properties with Santander

3

Maximum number of let properties (mortgaged and mortgage-free)

10

We don't accept portfolio landlords for new purchase applications or remortgage applications that don't meet our transitional eligibility criteria. 

Useful links

Watch our short video

Watch our short video

Useful downloads


Buy to Let calculator

Check whether the rent meets our minimum rental cover and whether the property is self-financing.

Find out more

Buy to Let criteria

View and search our Buy to Let lending criteria

Find out more

Introducer Internet guide

Shows you how to submit a new Buy to Let application on Introducer Internet

Find out more