Santander has temporarily limited all new purchase and remortgage applications to 75% loan-to-value up to a maximum loan of £350,000. The move is due to physical property valuations being placed on hold.
In addition, the following new applications are no longer being accepted:
- Purchase – over 75% loan-to-value
- Remortgage – over 75% loan-to-value
- Buy to Let – all loan-to-values
- New build – all loan-to-values
- Government schemes including Help to Buy, Shared Ownership, Right to Buy – all loan-to-values
Are there any other options apart from Santander?
Aaron Strutt, product director at Trinity Financial, says: "Lots of the lenders have decided to either reduce the number of mortgages they provide each day or pull lots of fixed and tracker rates. Some of them have withdrawn from the market completely.
"Santander is one of the biggest and most generous banks so it is a blow it has been forced to make such drastic changes. If your mortgage is coming to an end with Santander is should be possible to switch to another deal and our brokers can arrange that for you."
Some of the other large lenders like Barclays for Intermediaries, Bank of Ireland, HSBC and a selection of the building societies are telling us that they are still open for business.
Call Trinity Financial on 020 7016 0790