Santander sees 30% increase in new business

Santander for Intermediaries has launched a new loan range for those borrowing up to £2.5m at 70 per cent loan-to-value as it confirms it has seen a surge in new business in last six weeks.

On Monday (28 October), Santander for Intermediaries is launching a range of mortgages for larger loans of up to £2.5m, increasing the maximum loan size on a selected range of products to £1.5m, and introducing new products to its range.

The intermediary lender, which has reported a 30 per cent increase on new business in the last six weeks, is extending its large loans range with the view of increasing its market share of this high net worth segment.

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The new large loans range includes a two-year fixed rate at 70 per cent loan-to-value (LTV) with a 2.34 per cent rate and £1,995 fee for loans sized between £1.5m to £2.5m.

Miguel Sard, managing director of Santander for Intermediaries, said in addition to the new deals intermediaries will have access to dedicated lending relationship managers and underwriters, offering a tailored service to meet their needs for loans of more than £1m.

He said: “The recent revitalisation of our mortgage range, offering customers highly competitive, yet flexible, product options has resulted in a 30 per cent increase on new business in the last six weeks – up 66 per cent year on year.

“We believe these latest changes provide a fantastic opportunity for us to grow our business in the larger loans segment of the market while demonstrating our continued commitment to intermediaries.”