Santander will be participating in the mortgage guarantee scheme which allows first time buyers and movers to access mortgages where the LTV is between 90.01% and 95% subject to the government criteria and our own lending policies which are detailed below. Please note remortgages are not included.
Self-employed applications
We’ve taken the decision to not include self-employed applicants in the mortgage guarantee scheme at the current time. All applications where any applicant is self-employed will still be capped at maximum 75% LTV.
Scheme eligibility
The scheme is available for property purchases in England, Wales, Scotland, and Northern Ireland and there are several key government criteria which every application will need to meet:
- The maximum property price/value is £600,000 (please note Santander lending policy restricts the maximum property price/value on flats to £400,000);
- The property must be the only residential property owned by the applicant and must be owner-occupied. Applicants with another residential property, whether let or used as a second home or for family occupation, do not qualify;
- The mortgage must be on capital and interest.
Lending policy details
- Standard lending policy applies, including policy for loans exceeding 90% LTV;
- Maximum loan is £570,000 for all non-new build houses and £380,000 for non-new build flats;
- New build, shared ownership and Right to Buy applications are not included;
- Maximum loan to income is 4.45 times.
Evidence requirements
For employed applicants:
- Latest payslip plus;
- Latest three months’ personal bank statements.
Applicants must complete the Santander mortgage guarantee declaration to confirm that they do not own any other property.
Existing Santander mortgage customers moving home
Please note all existing Santander mortgage customers moving home will be required to complete the Santander mortgage guarantee declaration on any lending >90% LTV.
