The Curse of the Santander Blog….

The Curse of the Santander Blog….

The Curse of the Santander Blog….

It’s our fault. Just a few weeks after praising Santander for being a proactive, sensible, well thought through lender, this.

With effect from midnight on Thursday, all Santander mortgages with a loan to value over 50% will HAVE to be set up on a repayment basis. That does not mean you have to have a repayment vehicle, or verbally say so.

NO – the whole loan must be capital and interest.

This is bad news. For anyone looking to use bonuses, irregular income, commissions or self employed variable income to pay the loan down over time – no can do any more. Sale of property? No good.

What on earth is this trying to prove, to whom and why? Goodness knows the rationale behind this (we have asked and got only flaky answers so far).

This feels horribly like the never ending lending bad news scenarios of 2009…

The good news is this – get your application in before then and the old rules apply. We apologise for invoking Sod’s Law.

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