Abbey Santander add competition to the buy to let mortgage market
Abbey Santander will launch their new Buy to Let mortgage range today 12th December 2011.
The range is aimed at ‘non-professional employed’ landlords so will be best suited for those with perhaps one property let out as the result of a previous or upcoming home move.
Buy to Let competitive pricing
This is an interesting move as Abbey Santander are one of the most aggressive Lenders in their pricing on residential mortgages. Whilst their buy to let pricing is not the best on the market currently (4.29% fixed at 60% LTV), their use of a sensible flat product fee of £1,495 and their history of competitive pricing may see them pulling a sizeable share of the buy to let mortgage market in 2012.
Abbey Santander main buy to let criteria
Applicant 1 must have a minimum basic employed income of £25,000.
Minimum gross rental income from the property must be at least 125% of the mortgage payment on an interest only basis.
Evidence of income from employment must be obtained in all cases.
We have a strong relationship with Abbey Santander and are ready to assist with both their buy to let and residential mortgage products – contact us now.