Mortgages  

Mortgage Watch: Launch Pad

Santander for Intermediaries has widened its eligibility rules on buy-to-let lending criteria to make it more accessible to non-professional landlords, with up to seven buy-to-let properties.

Phil Cliff, director of retail assets for the bank, said the range is exclusive to advisers, marking the “latest step” in Santander’s “journey to become the intermediary partner of choice”.

Santander for Intermediaries now considers BTL applications from landlords with a maximum seven BTL properties on completion, up to five BTL properties mortgaged with Santander, and between one and a maximum of 10 secured credit commitments at the time of application.

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Criteria

• At least one applicant must be employed earning a minimum basic gross salary of £50,000 when they have five or more properties

• Minimum purchase price of £75,000, maximum loan size of £750,000 per property

• A minimum deposit of 25 per cent is required, with rental cover of 125 per cent or above

• Applicants must already have a residential or buy-to-let mortgage

• Houses in multiple occupancy are not eligible

Adviser Verdict: James Hammond, owner of Limetree Financial Services, Cambridge

“Natwest has also opened up its criteria to buy-to-let landlords recently. It seems that the desire to invest in BTL properties is returning, and we have seen lots of interest in the Cambridge area for both existing properties and new builds.”