Santander increases maximum foreign national LTV to 90%

Santander UK has enhanced its foreign national lending policy, increasing the maximum LTV on all properties, including new builds, to 90% for eligible applicants without permanent rights to reside in the UK. 

Previously, borrowing for applicants who did not have permanent rights to remain in the UK was limited to 75% LTV. 

Lending to applicants under the new rules remains subject to broader affordability checks, as well as specific income requirements depending on the length of residency in the UK.

Where the applicant(s) have a UK residency of one year or more, a minimum income of £50,000 (for a single applicant), and £75,000 (for joint applicants) is required.

Where the applicant(s) 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 between 75%-90% LTV, will be asked to provide three months’ UK bank statements showing salary credits, evidence of deposit source, and (where income is below £200,000) verification of time living in the UK.

Felicity Barnett, new build and affordable housing partnerships manager at Mortgage Advice Bureau, commented: “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.”