Santander offering 5 x salary and even 5.5 x salary mortgages
Santander for Intermediaries has made significant changes to the figures it uses to work out how much applicants can borrow.
The bank's new loan-to-income calculations allow single or joint applicants earning between £45,000 and £99,999 to qualify for up to 5 x salary mortgages. They also enable wealthier borrowers with £100,000+ salaries and a 25% deposit to secure up to 5.5 times income mortgages.
Even though Santander’s policy change makes it easier for borrowers with more generous salaries to secure larger mortgages. It also makes it difficult for some to obtain 5 x times salary loans.
Aaron Strutt, product director at Trinity Financial, says: “The banks and building societies use affordability-based calculations to work out the maximum loan size and credit cards, loans and children will typically reduce the loan size.
“Santander has a range of fixed and tracker rates available for loans between £6,000 and £3-million. If you earn less than £45,000 Santander’s loan-to-income multiple is 4.45 x salary.”
Call Trinity Financial on 020 7016 0790 to secure a 5 or 5.5 times salary mortgage or book a consultation
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