High street lender Santander has lowered its residential and buy-to-let (BTL) affordability rates following the base rate cut.
The changes to Santander’s affordability rates come into force from 10 September.
For residential affordability rates, the lender said it would be reducing its rates and told brokers to use its affordability calculator to get an “accurate reflection of what we can lend your clients”.
On the BTL side, the standard affordability rate will decrease from 7.43% to 7.31%, while for a five-year fixed rate, the affordability rate will fall from 5.43% to 5.31%.
The affordability rate for a pound-for-pound remortgage will decrease from 5.43% to 5.31%.
Santander said that brokers should use its BTL calculator to get an “accurate reflection of what we can lend your clients.”
The lender said that full mortgage applications submitted before 10pm on 9 September would not be impacted by these changes, but after 6am on 10 September, applications will be assessed using the new lending policy.
Clydesdale Bank lowers max number of borrowers per mortgage application
Clydesdale Bank has lowered the maximum number of borrowers for a mortgage application from four to two.
The change to the maximum number of borrowers comes into force from 9 September and applies to residential and BTL lending.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
