Santander to re-word BTL contracts

Following petitions and the threat of demonstrations outside the bank's branches by tenant lobby groups, Santander have decided to drop the clause in their BTL mortgage contracts requiring landlords to raise rents by ‘as much as can be reasonably achieved’ .

Santander's BTL contracts also prescribed that landlords should conduct regular rent reviews so that 

‘if the valuer advises that the market rent at the date of the review is likely to be higher than the current rent, you will promptly take all steps which it is open to you to take under the lease to ensure that the review takes place and leads to the maximum increase in the rent which can reasonably be achieved.’

Santander promises that all new contracts with landlords will be without these controversial clauses.

Santander spokesperson commented:

‘We have never invoked the clause and having reviewed the wording, we are in the process of removing it from our terms and conditions.’

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