Santander UK has expanded its foreign national mortgage policy with lending up to 90% loan to value (LTV).
It applies on all properties, including new builds, and goes up to 90% for eligible applicants without permanent rights to reside in the UK.
Previously, this was limited to 75% LTV.
Felicity Barnett, new build and affordable housing partnerships manager at Mortgage Advice Bureau (MAB), said: “It’s encouraging to see Santander expand to 90% LTV for eligible foreign national buyers. The changes strike a strong balance between robust checks and improved access to higher borrowing for eligible customers. It also marks a meaningful step for the new build sector and serves as further demonstration of Santander’s commitment to this area.”
Still subject to length of UK residency
Income requirements still apply for borrowers to be eligible for a higher LTV.
Where the applicants have a UK residency of one year or more, a minimum income of £50,000 for a single applicant or £75,000 for joint applicants is required.
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If the applicants have a UK residency of less than one year, a minimum income of £200,000, single or joint, is required.
Customers without permanent rights to reside in the UK looking to borrow at 75-90% LTV will require additional evidence of affordability.
Santander needs three months’ UK bank statements showing salary credits and evidence of the deposit source.
Where income falls below £200,000, applicants must provide verification of time in the UK.