What is new?
As banks look to compete and property increases in value there has been a shift towards higher loan to value lending through the high-street.
This is a positive change for consumers at it increases choices and availability when purchasing properties up to £2.35m. While it can be seen as encroaching on the private bank lending market, there is still certainly a place for both to co-exist in the market.
The recent policy changes now allow for:
- 90% Loan to Value up to loan sizes of £1,000,000
- 85% Loan to value for loan sizes up to £2,000,000
- 40 year terms on part-and-part borrowing
- Pure interest only up to 75% Loan to Value with a joint income of £200,000
Santander can also lending to clients earning in select foreign currencies and working overseas. Making them a great option for the right client.
A broker still plays a vital part of the process, as approaching the right bank in the right way will make a difference between a loan being approved or declined. The approval of larger loans is handed by a specialist processing team, and even if you pass the affordability assessment there is no guarantee the bank will offer finance.