The 95% LTV standard rates will be the same as its existing mortgage guarantee scheme products.
Santander's lending policy for loans above 90% LTV will remain the same as its existing lending policy.
For full mortgage applications (FMAs) over 90% LTV already submitted on Introducer Internet by close of business on Tuesday 31st May, Santander says it may not process the application as a mortgage guarantee scheme case.
In a statement on its intermediary website, Santander said: "Where a Mortgage Guarantee Scheme Customer Declaration (MORT1181) has not already been uploaded to us via MATS, we’ll send you a MATS message telling you that it’s no longer needed. There’s no impact to you or your client if they have an MGS product or a 95% LTV standard product."
The change will be updated on the Santander for Intermediaries website 95% LTV page, lending criteria and evidence requirements from the 1st of June.
