If you are looking for a buy-to-let mortgage, mortgage brokers can provide you with excellent service if you to the right one. We can contrast Santander’s buy-to-let rates with those of the rest of the market. Hence, we look at Santander buy to let mortgage rates and calculator.
Buy to Let Morgage Santander
Santander let to buy mortgage is a mortgage for people who want to buy a home and rent it out to tenants.
The following are some of the unique features that Standander buy to let mortgages provide:
#1. Full-service broker
dealing with over 60 UK lenders, including Santander Rates.
#2. Rates
Access to the most competitive buy-to-let market rates.
#3. Exclusives.
Gain access to exclusive buy-to-let mortgage deals that are not available on the high street.
#4. Our buy-to-let expertise
Whether you are a first-time investor or a seasoned full-time landlord, can help.
#5. Problems with credit
Standander has lenders who will consider previous defaults and missed payments.
#6. Seasoned buy-to-let investor
Have a complicated buy-to-let or a portfolio of 5+ properties? Then Contact Santander Buy To Let Mortgages.
Santander Buy To Let Mortgages Comparison
While Santander provides a variety of residential mortgage deals through its high-street branches and online presence. Santander buys to let mortgages are only available through a mortgage intermediary.
Why should you go with a Santander buy-to-let mortgage?
Even if you are completely new to the scene of buy to let mortgages. Or have lettings knowledge and an investment portfolio to your name. Santander buys to let mortgage can provide you a competitive mortgage deal with a variety of advantages such as:
A decision of two-year or five-year fixed-rate buy-to-let mortgages with loan-to-value ratios ranging from 60% to 75%. There are two-year tracker mortgage deals available at 75% LTV. Free standard valuation with eligible mortgages – receive a free standard valuation for mortgage purposes (up to £2.5 million in property value). Cashback deals – Some Santander buy-to-let mortgages include a £250 cashback at completion as a contribution to legal fees.
What are Santander’s lending criteria for buy-to-let mortgages?
Santander’s criteria for lending to landlords include the following:
Santander offers buy-to-let mortgages for properties worth at least £75,000, with a loan-to-value (LTV) of up to 75%.
Santander offers buy-to-let mortgages ranging from £25,000 to £750,000. You can have up to five buy-to-let mortgages with Santander at the same time.
Applicants must be between the ages of 21 and 70 at the time of application. At the end of the mortgage term, the maximum age is 75. Mortgage terms range from 5 to 25 years in length.
Applicants for buy-to-let mortgages must be UK residents. If a joint application is made, at least one applicant must already be in possession of a current UK residential mortgage. Your proposed rental income must be at least 145 percent of the Santander buy to let monthly payment
Mortgage regulations for buy-to-let properties are changing.
When applying to Santander for a buy-to-let mortgage, bear the changes in buy-to-let mortgage requirements in mind.
In 2017, the Bank of England’s Prudential Regulation Authority changed the way the buy-to-let mortgage market is managed, which had an impact on the buy-to-let mortgage application process.
Stricter Income Stress Test
Beginning in 2017, lenders will conduct a more thorough examination of landlords’ income. To pass the stricter income stress test, landlords must show that they can make the mortgage payments if interest rates rise to 5.5 percent.
Property Portfolio Review
During the application process, lenders will now examine the landlord’s whole property portfolio. Lenders must do a thorough analysis of a landlord’s portfolio to see whether the landlord has one or more properties that do not give a favorable return. It is worth mentioning that landlords can no longer distribute equity throughout their portfolios, and if they have a non-profitable property, they will not be approved for a buy-to-let mortgage.
Santander Buy To Let Mortgage Rates
Santander has raised a number of its buy-to-let mortgage rates for both new and existing customers.
The lender has raised certain rates and fees by up to 0.3 percent at 60 percent, 75 percent, and 85 percent loan-to-value (LTV).
Santander’s buy to let mortgage two-year fixed rates with a £1,499 charge at 60% LTV would climb by 10 basis points to 1.49 percent as a result of the adjustments.
Fee-free two-year fixed rates now begin at 2.14 percent, with five-year rates beginning at 2.29 percent, a 30 basis point rise.
Products at 75 percent LTV have increased by 20 to 30 basis points, with two-year fixed rates now beginning at 1.69 percent with a £1,499 fee or 2.39 percent fee-free, and a five-year fixed rate beginning at 2.69 percent with no fee.
Santander buy to let mortgage 85 percent LTV products have experienced the most significant increase, with rates increasing by 0.3 percent to 2.39 percent fixed for two years and 2.69 percent fixed for five years.
At 60% LTV, two-year fixed rates start at 1.49 percent, while five-year fixed rates start at 1.59 percent.
Santander buy to let mortgage two-year fixed rates now start at 1.69 percent at 75 percent LTV, while its five-year fixed rate now starts at 1.79 percent.
Santander Buy To Let Mortgage Calculator
The following are the things you should be aware of concerning the calculator for Santander buy to let mortgage.
How much money can I borrow?
New mortgage lending market laws have led lenders to take a new approach to mortgage applications.
Mortgage lenders are now primarily concerned with mortgage affordability. Lenders will frequently request the following information to determine the affordability of a mortgage:
- Details about your job
- Your earnings
- Your monthly expenses
How to Work Out Mortgage Repayments
It may be prudent to determine how much you will pay each month so that you may manage your money accordingly.
Santander mortgage calculator can generate a list of the finest mortgage buy to let deals on the market.
Simply enter the following information into the mortgage calculator’s fields:
- Firstly, the goal of your mortgage
- Secondly, the worth of the property
- Thirdly, the amount of money you wish to borrow
What kind of mortgage do you want?
Your preference for a capital plus interest mortgage or an interest-only mortgage
The term of the mortgage
What exactly is a fixed-rate mortgage?
A fixed-rate mortgage is one that has a fixed interest rate for a specific length of time. The introductory fixed-rate period is normally for two, three, five, or ten years.
Setting your mortgage interest rate protects you against variable interest rates and allows you to forecast your monthly outgoings.
Interest rates are expected to fluctuate during your introductory term. This is significant because the interest rate you acquire today may not be as appealing later on.
Santander provides a fixed-rate mortgage with reasonable interest rates and a range of loan-to-value alternatives.
What exactly is a tracker rate mortgage?
Tracker mortgages have interest rates that are subject to alter over the life of the loan. This is due to the fact that tracker mortgage interest rates are highly influenced by the Bank of England’s base interest rate. If the Bank of England raises its base rate, tracker mortgage interest rates rise.
Repayment or only interest
Repayment mortgages: These mortgages are typically more costly of mortgages because the monthly payments include both the capital and interest of the mortgage. Consequently, repayment mortgages allow you to own the property at the end of the loan.
Interest-only mortgages: These mortgages are typically less expensive than other types of mortgages because you only have to pay interest on the loan. It should be emphasized that an interest-only mortgage does not allow you to own a home outright.
Performing overpayments
Overpayments on your mortgage are permitted by a number of lenders. This could be useful because it could allow you to pay off your mortgage considerably faster than if you only made the minimum monthly payments.
It should be noted that overpayments are not permitted by all lenders. Overpayments are prohibited by some lenders, and overpayments will result in early payback fines.
Conclusion
Santander buy to let mortgage is a mortgage designed for persons who want to buy a home and rent it out to tenants.
Santander Buy To Let Mortgage FAQ’s
Does Santander do buy to let mortgages?
You can hold up to 5 buy to let mortgages with Santander at any one time. Applicants must be aged between 21 and 70 at the time of the application. The maximum age at the end of the mortgage term is 75. Mortgage terms are available from 5 to 25 years in duration.
Are Santander mortgages hard to get?
Santander is roughly as strict as other high street banks and building societies with their mortgage lending criteria. You might, however, find it particularly difficult to get approval from them if you have certain types of bad credit such as a default in the last 12 months or a recent CCJ.
Can you get a mortgage with 5 deposit?
To qualify for a 5% deposit mortgage backed by the government guarantee you must meet certain criteria: You must have a deposit of between 5% and 9% Any homebuyer can apply for a mortgage, not just first-time buyers. Unlike the Help to Buy shared scheme, the property does not have to be a new-build home
