Message from Santander for Intermediaries
From Monday 23 November we’re making some important updates to our residential and Buy to Let mortgage application process in Introducer Internet.
Mortgage Credit Directive and Buy to Let mortgages
The Mortgage Credit Directive (MCD), effective 21 March 2016, introduces a legislative framework for Consumer Buy to Let (CBTL). This covers the small number of Buy to Lets where the borrower has not entered into the mortgage contract for business/investment purposes.
Buy to Let mortgages for business/investment purposes are not covered by the new MCD rules. This type of mortgage will be known as Investment Buy to Let.
Our approach
- We’ll offer both Investment BTL and CBTL mortgages.
- We’ll continue to use the same lending policy, rental coverage calculation and products for both.
What is changing in Introducer Internet?
To reduce any impacts on pipeline applications ahead of the MCD effective date, we’re changing the BTL application form and KFI. Whilst we are capturing information in readiness of MCD, we’ll only classify business as CBTL when we offer/re-offer after our MCD live date. This is planned for early next year ahead of 21 March.
- AIP > Application type: options are now residential, BTL Investment Property or CBTL.
- If CBTL, you’ll need to confirm that you either have/intend to have the correct FCA permissions.
- FMA > Submission form > Confirmation: new question to confirm the application is for Investment BTL.
- Non-regulated KFIs will be introduced for both Investment BTL and CBTL. A further Introducer Internet update will follow ahead of 21 March 2016.
MATS email and text messages
We’re improving the service we provide your clients for all residential and Buy to Let mortgage applications by providing a text message and/or email update at the three key stages in their application journey.
Key stages
- Application received
- Application offered
- Application completed
Message content
Each text and email message will confirm the status of the application and refer your client back to their intermediary if they have any questions.
Example message
We’re pleased to confirm we’ve received your mortgage application. If you need any more information or updates about your mortgage application please contact your mortgage broker.
Registering your client to receive these updates
To ensure your clients receive these updates please provide their mobile number and/or email address within Introducer Internet > FMA > Contact details.
If your client doesn’t wish to receive text and/or email updates you can select ‘no mobile number’ and/or ‘no email address’. If they want to opt out from receiving updates after the mortgage application has initially been submitted, please advise us by sending a MATS broker note.
Existing Santander mortgage customers moving home
To improve the process for identifying and matching existing Santander mortgage customers moving home, it’s now mandatory for your intermediary to input the mortgage account number within Introducer Internet > AIP > Personal > Applicant details.
If you have any questions please speak to your dedicated contact.
Kind Regards
Santander for Intermediaries
