It will offer the mortgage to homebuyers starting June
Santander for Intermediaries has announced that it will launch 95% LTV mortgages without the need for support from the government’s mortgage guarantee scheme on Wednesday, June 01.
Santander said its lending policy for loans above 90% LTV will remain the same as existing lending policy, and that the 95% LTV standard rates will be the same as its existing products under the mortgage guarantee scheme.
For full mortgage applications over 90% LTV already submitted on introducer internet by close of business tomorrow, May 31, Santander may not necessarily process the application as a mortgage guarantee scheme case.
Read more: Santander launches 95% LTV mortgages.
The lender said that where a mortgage guarantee scheme customer declaration (MORT1181) has not already been uploaded to the mortgage application tracking system, it will send a message telling brokers that it’s no longer needed.
Santander added that there will be no impact to brokers or their clients if they have a mortgage guarantee scheme product or a 95% LTV standard product.
All new full mortgage applications over 90% LTV submitted from Wednesday will no longer require the mortgage guarantee scheme customer declaration.
On June 01, this change will be reflected on the Santander for Intermediaries website 95% LTV page, listing the lending criteria and evidence requirements.
