Santander lowers deposit required for its self employed mortgages
Self-employed homebuyers will be able to borrow up to 90% of a property's value with a Santander mortgage again after the bank eased its lending policy.
The mortgage lender limited the amount the self-employed could borrow during the pandemic and has taken well over a year to bring it back in line with its employed applicant's criteria.
The revised rules apply to new customers while existing self-employed borrowers moving home will continue to be able to borrow up to 95% loan-to-value. Affordability will be based on an average of two years' income.
Aaron Strutt, product director at Trinity Financial, says: "It is good news that Santander is offering self-employed borrowers lower deposit mortgages again. Many of our clients were unhappy the bank was limiting the amount they could borrow, and the policy caused problems.
"Lots of the lenders we work with are keen to attract the self-employed, whether they run limited companies and receive dividends or have retained profits and own multiple businesses."
Call Trinity Financial on 020 7016 0790 to secure a self employed mortgage or book a consultation
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