Santander offering five-times salary income multiple and 1.09% two-year fix for mortgages up to £1.5 million

by Aaron Strutt

Apr 06 2021

Santander for Intermediaries is offering some of the most generous income multiples and the cheapest mortgage rates across the market. 

Santander's lowest rate is 1.18% for borrowers purchasing a property and 1.09% if you are remortgaging. Both rates are fixed until 1 July 2023 and revert to the lender’s 3.35% standard variable rate. The overall cost for comparison is 3% on the purchase deal and 2.9% APRC on the remortgage rate.  

There is a £1,499 arrangement fee for both products and applicants will need a 40% deposit to qualify. The minimum loan size is £350,000 and the maximum loan size is £1.5 million and there is also a free property valuation. 

Aaron Strutt, product director at Trinity Financial, says: “Over the last few weeks the lenders have improved their rates so borrowers with the largest deposits can secure two-year deals at just over 1%. The leading five-year fixes are available from 1.25%.

"Santander has one of the best interest-only policies, and it provides part interest and part capital repayment mortgages to help borrowers reduce their costs. The bank also offers five-times income to those earning between £45,000 and £99,000 and 5.5 times salary to those earning over £100,000 with a 25% deposit."

Santander is currently taking an average of 12 days to produce a residential mortgage offer rising to 19 days if you are self-employed. There are other lenders that are offering similar rates with faster processing times. 

Call Trinity Financial on 020 7016 0790 to secure a fixed-rate mortgage or book a consultation