Santander UK has introduced improved affordability rates on new build properties which will allow customers, purchasing a new build home, to borrow thousands more than before.
The updated calculations consider features particular to owning new build properties, including their lower running costs when compared to the purchase of an older property.
By reflecting these adjustments in its calculations, Santander can now lend customers more.
Alongside improved affordability, Santander offers a range of support for customers looking to purchase a new build.
The lender allows borrowers access up to 95% loan-to-value (LTV) on new build houses and flats and offers new-build mortgage deals which are valid for a standard nine months.
In addition, Santander provides a specialist new build support desk to help guide and answer questions; and accepts a range of builder incentives including the payment of Stamp Duty and legal fees up to 95% LTV.
