Santander improves buy-to-let affordability rates

From today, Santander has announced enhancements to its buy-to-let affordability rates.

The standard buy-to-let affordability rate is reducing from 7.31% to 7.15%, the five-year fixed rate from 5.31% to 5.15%, and the pound-for-pound remortgage rate also from 5.31% to 5.15%.

Any full mortgage applications submitted from 6am on Wednesday 20 November will be assessed using Santander's new lending policy.

If a material change is made to an existing application from 6am on Wednesday 20th November, the case will be reassessed using its new lending policy.

Last week, Santander increased most buy-to-let fixed rates across its new business and product transfer ranges by up to 0.31%, following reductions of up to 0.36% across all residential and buy-to-let rates the previous week.