Santander relaxes BTL criteria

Santander, like Nationwide and Virgin Money, have extended their buy-to-let range and will now offer mortgages to self employed applicants. The changes are expected to come into effect on the 7th of April, although full lending criteria and income evidence requirements have yet to be released.

Ying Tan, Buy to Let Business managing director commented:

"This is huge for Santander. This is one of the items I have been championing with Santander. It certainly has the balance sheet to and potential to be a major player in the buy-to-let market. Almost every [buy-to-let] lender I can think of lends to self-employed borrowers and this is why this could be a major game changer for Santander. Its rates are very competitive, its systems are pretty good so this is one of the few bits of criteria that could really propel it to challenge the bigger buy-to-let players."

A spokesperson from Santander for Intermediaries said:

"The growing buy-to-let market is an important sector to us. In April, we will be offering buy-to-let mortgages to self-employed applicants. Our full lending criteria and income evidence requirements will be communicated to intermediaries in the coming weeks.’

The move will place Santander amongst other key lenders in the buy-to-let sector who offer to self employed investors, making it all the more competitive."