Santander has announced that from November 17, brokers will be able to accept offers for product transfers on behalf of their clients.
As part of the changes, there will be a new broker statement and Santander will require brokers to confirm whether they have permission from clients to accept product transfer offers on their behalf.
On the “Important Information” screen, brokers will also be asked to check two new boxes: Confirm that the broker has provided the client with a copy of the mortgage instructions or product transfer offer, and confirm that the broker has the client’s permission to accept the product transfer offer and select when to begin (if eligible for early conversion).
Now, the broker (rather than the client) will receive an email letting them know that the product transfer offer is ready for review and acceptance.
Meanwhile, Santander is cutting residential fixed rates by up to 0.14% across its new business and product transfer range.
In addition to the rate cut, Santander also launched a new five-year fixed-rate jumbo loan product for remortgage customers.
The five-year fixed rate for all first-home buyers with a loan-to-value (LTV) of 90 per cent will fall by 0.14 per cent.
Remortgage rates will also be reduced by up to 0.10% on all two-year and five-year fixed rates between 60% and 85% LTV, and all moving prices will be reduced by up to 0.13% on all two-year and five-year fixed rates between 60% and 95% LTV.
Santander will also reduce new build and product transfer rates.
There is also a new jumbo loan remortgage five-year fixed product with a 60% loan-to-value ratio starting at 3.90%. The minimum loan amount for these products is £500,000.
Earlier this month, Santander also reduced residential fixed rates across its range of movers and new build movers.
