It’s early days for Santander’s new moves to offer wider ranges of mortgage products to the self-employed, but they’re starting to make noise. This is interesting because Santander has generally steered clear of buy-to-lets for people who work for themselves.
The market is growing, though, and they are looking to get a piece of the action.
Although the details haven’t been released yet (we have to wait until they launch their new products in April), it looks like Santander will be loosening its lending criteria:
“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.”
And Buy to Let Business MD, Ying Tan, tells us:
“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.”
We’re excited here at Limetree to see lenders broadening their offerings and waking up to the growing property market. We help a wide range of people to find the right mortgages, and look forward to being able to offer better products to our self-employed clients. Don’t wait until April to drop us a line, we can get started going over your own property needs straight away.