Santander makes changes to new build lending criteria
Santander and Abbey for Intermediaries (the broker lending arm of Santander) have made changes to their new build lending criteria by making adjustments to their loan to value limits.
The Spanish bank previously allowed first-time buyers to put down a smaller deposit if they were buying a new build property.
All borrowers now require at least a 25% deposit if they are buying a new build flat. This has changed from a 30% deposit for second time buyers and those looking to remortgage. First-time buyers need a 20% deposit.
You will now need a 15% deposit if you want to buy a new build house through the bank. Previously, Santander asked first-time buyers for a minimum deposit of 10% deposit and a 20% deposit from all other borrowers.
May 11, 2012
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