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Santander are updating their Office for National Statistics data

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On Wednesday 19 February Santander are updating their Office for National Statistics (ONS) data they use to calculate how much your client could borrow. Their affordability calculation will be updated to reflect these changes.

Help to Buy income multiple

They’re also updating their maximum income multiple for Help to Buy: equity loan and London Help to Buy applications to 4.50x income.

Pipeline rules for these changes

All full mortgage applications (FMAs) already submitted on Introducer Internet by 9pm on Tuesday 18 February won’t be affected and will continue to be progressed on their existing affordability calculation.

Any FMAs submitted from 6am on Wednesday 19 February, or where a material change is made to an FMA submitted before 9pm on Tuesday 18 February, will be assessed using the new affordability calculation.