Santander will no longer offer mortgage products above 60% LTV for self-employed borrowers.

The restriction applies to all new residential purchases where any borrower involved in the transaction is self-employed.

However, all mortgage applications submitted before 9pm on 8 January will not be affected and will be progressed on the lender’s existing self-employed policy.


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The lender detailed its decision in an email to brokers and cited the third national lockdown as to why it has decided to impose the restrictions.

Furthermore, the lender went on to outline that its self-employed policy for existing Santander mortgage customers moving home and buy-to-let applications remain unchanged.

Helen Harrison, head of intermediary distribution at Santander said: “Due to the additional paperwork involved, applications from self-employed customers can take longer to review and, in view of our current service times, our recent changes will ensure we can progress existing applications as quickly as possible.”

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