Santander loosens its buy-to-let lending criteria
Santander for Intermediaries has loosened its buy-to-let lending criteria as it looks to attract more landlords.
The lender has increased its maximum mortgage loan size from £500,000 to £750,000 and improved its rental calculation from 125% at 6% to 125% at 5%. If you would like to work out how much you can borrow, please click on the link to use our website calculator: http://goo.gl/eTixG4
Santander has a number of best buy buy-to-let mortgages and their lowest mortgage is fixed for two years at 2.99%. It has a £1,499 arrangement fee. For landlords looking for a longer term mortgage, Santander has a five-year fix at 3.99%.
To access these mortgages you will need a 40% deposit and there is the additional benefit of a free property valuation and £250 cash back if you are purchasing a property.
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