Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Santander Raises Maximum LTV to 90% for Foreign National Mortgages

Santander UK has expanded its foreign national mortgage policy, now offering lending up to 90% loan to value (LTV) for eligible applicants. This is an increase from the previous maximum of 75% LTV and applies to all property types, including new builds.

The updated policy is available to foreign nationals without permanent rights to reside in the UK, subject to specific eligibility criteria. For applicants with at least one year of UK residency, the minimum income requirement is £50,000 for a single applicant or £75,000 for joint applicants. For those with less than one year of UK residency, a minimum income of £200,000 is required, whether applying singly or jointly.

Applicants seeking to borrow at 75-90% LTV without permanent residency must provide additional evidence of affordability. Santander requires three months of UK bank statements showing salary credits and evidence of the deposit source. Where income is below £200,000, applicants must also verify their length of time in the UK.

These changes may be relevant to letting agents and inventory clerks working with foreign national tenants or buyers, particularly in the new build sector, as they could impact demand and eligibility for property purchases.