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| Version 3 | Version 4 |
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| Santander returns to million-pound mortgage market | Santander returns to million-pound mortgage market |
| (12 days later) | |
| High street banks are returning to the jumbo mortgage market, offering million-pound home loans for the first time since the credit crunch. | High street banks are returning to the jumbo mortgage market, offering million-pound home loans for the first time since the credit crunch. |
| Santander said it would make some of its standard mortgages available to customers who wanted to borrow up to £1.5m, and has launched a separate range of large loans for borrowers looking for up to £2.5m. | Santander said it would make some of its standard mortgages available to customers who wanted to borrow up to £1.5m, and has launched a separate range of large loans for borrowers looking for up to £2.5m. |
| "We are seeing improved and buoyant conditions, so on Monday 28 October we are making some fantastic changes to our mortgage range to continue our support of the UK housing market," the bank's director of mortgages Phil Cliff said. | "We are seeing improved and buoyant conditions, so on Monday 28 October we are making some fantastic changes to our mortgage range to continue our support of the UK housing market," the bank's director of mortgages Phil Cliff said. |
| "We are extending the maximum loan size on selected mortgages to £1.5m and launching a very competitive range of new products for customers looking for a large loan up to £2.5m." | "We are extending the maximum loan size on selected mortgages to £1.5m and launching a very competitive range of new products for customers looking for a large loan up to £2.5m." |
| The changes mean that a borrower could achieve a £1.5m loan with a rate of 2.14%, although with a maximum loan-to-value of 70% they would need at least £1m to put down as a deposit and be able to afford monthly repayments of more than £10,000. | The changes mean that a borrower could achieve a £1.5m loan with a rate of 2.14%, although with a maximum loan-to-value of 70% they would need at least £1m to put down as a deposit and be able to afford monthly repayments of more than £10,000. |
| Rival Woolwich already offers mortgages in excess of £1m, and another mainstream lender is set to join the fray in the coming days. | Rival Woolwich already offers mortgages in excess of £1m, and another mainstream lender is set to join the fray in the coming days. |
| Andrew Montlake of mortgage brokers Coreco said it was good to see mainstream lenders returning to the top of the market. "They were all there prior to the credit crunch, but when that happened they all pulled back massively. This will take the power away from the private banks, which is a good thing." | Andrew Montlake of mortgage brokers Coreco said it was good to see mainstream lenders returning to the top of the market. "They were all there prior to the credit crunch, but when that happened they all pulled back massively. This will take the power away from the private banks, which is a good thing." |
| Mark Harris, chief executive of mortgage broker SPF Private Clients, said: "We have worked closely with Santander on the pilot and can vouch for its experienced underwriting team, which thoroughly understands this market. | Mark Harris, chief executive of mortgage broker SPF Private Clients, said: "We have worked closely with Santander on the pilot and can vouch for its experienced underwriting team, which thoroughly understands this market. |
| "We expect other high street lenders to follow suit and increase their maximum loan sizes; indeed, we are working with another lender on a large loan pilot which launches on Tuesday." | "We expect other high street lenders to follow suit and increase their maximum loan sizes; indeed, we are working with another lender on a large loan pilot which launches on Tuesday." |
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| Top mortgages | Top mortgages |
| HSBC | HSBC |
| Post Office | |
| HSBC | HSBC |
| Provided by London & Country for the Guardian | Provided by London & Country for the Guardian |