Santander for Intermediaries (SFI) has eased to its buy-to-let criteria to make it even more accessible for non-professional landlords.
SFI, whose range of purchase and remortgage buy-to-let deals is available exclusively through the intermediary market, will now consider applications from landlords with up to seven buy-to-let properties
These changes mark the latest step in Santander's bid to boost its share of the growing buy-to-let market, while continuing to target non-professional buy-to-let landlords.
SFI will now consider buy-to-let applications from landlords who have:
A maximum of seven buy-to-let properties on completion of the new mortgage.
A maximum of five buy-to-let properties mortgaged with Santander on completion of the new mortgage.
A minimum of one and a maximum of 10 secured credit commitments at the time of application.
Where an applicant will have five or more buy-to-let properties on completion or five or more secured credit commitments at application, at least one applicant must be employed earning a minimum basic gross salary of £50,000 a year.
Where an applicant has four or less buy-to-let properties on completion, or four or less secured credit commitments at application, the criteria remains the same with at least one applicant earning a minimum £25,000 a year.
Phil Cliff, director of retail assets for Santander, said: “The buy-to-let market is continuing to see strong growth and the latest improvements to our criteria herald the next step in our journey to becoming the intermediary partner of choice, demonstrating our continued commitment to this market."
Other criteria.
Borrowers must be aged between 21 and 70.
Minimum purchase price of £75,000.
Maximum loan size per property of £750,000.
A minimum deposit of 25% is required and rental cover of 125% or above, calculated on an interest only basis.
The buy-to-let affordability rate is 5%.
Applicants must already have a residential or buy-to-let mortgage.
Houses in multiple occupancy not eligible.
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