Santander amends BTL offering – Mortgage Strategy

Santander is set to increase the maximum term, age and LTV for its buy-to-let products.

The bank is also making changes to its affordability calculator.

The amendments, which will come into place on 15 April, will see the maximum age extended from 75 to 85, and the maximum lending term rise from 25 years to 40 years for its BTL products.

In addition, the lender is increasing the maximum LTV on part mortgages from 75 per cent LTV to 85 per cent LTV, with a maximum of 50 per cent on interest only offerings.

Santander is also updating its affordability calculations to consider income tax bands, and national insurance to align with the 2019 to 2020 tax year.

Santander head of channel development Graham Sellar comments: “By increasing both the maximum term and maximum lending age on our BTL mortgage range, we are hoping to help landlords reap the benefits of their investment for longer.”

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