Santander has reduced its buy-to-let affordability rates.

The changes could allow landlords to borrow more when buying or remortgaging a buy-to-let property.

Under the new affordability rules, standard buy-to-let affordability rates are down from 7.15% to 6.99%.

Five-year fixed rates and pound-for-pound remortgages will now be assessed at a rate of 4.99%, down from 5.15%.

If a material change is made to an existing application, the case will be reassessed using Santander’s new lending policy.