Move aims to enhance transparency and efficiency for brokers
Santander has added its product transfer rates to all major sourcing systems, a change intended to simplify the process for mortgage brokers assisting clients with switching products.
The update, which took effect today, enables brokers to generate mortgage illustrations directly for their clients using these systems.
The high street lender stated that while brokers can now view product transfer rates more easily, they must still log in to Santander’s online mortgage transfer service to access specific client mortgage details, property valuations, and available deals.
“We’re constantly reviewing our processes and finding ways in which we can be more transparent with our broker partners,” said Graham Sellar, head of Santander for Intermediaries. “Introducing our product transfer rates to sourcing systems is the latest steps towards making it easier for brokers to do business with us, while openly sharing our rates reaffirms our commitment to no dual pricing across any of our mortgage products.”
This development follows recent enhancements to Santander’s product transfer process. Borrowers now have the option to secure a lower rate sooner, with any early repayment charges (ERCs) waived under the new arrangements. Because Santander’s fixed rates are tied to a product end date rather than a fixed term from completion, clients who switch immediately may benefit from reduced payments for a longer period.
Clients can also choose when their new rate begins. If the new rate is lower than the current one, they may opt for the new deal to start immediately upon accepting the offer, or wait until their existing deal concludes.
In addition to these changes, Santander has announced rate adjustments across its product ranges. Selected buy-to-let fixed rates within the product transfer range have been reduced by up to 0.02%. For new business, some 85% loan-to-value first-time buyer fixed rates, including new build, have increased by up to 0.10%, while certain residential and buy-to-let fixed rates have decreased by as much as 0.19%. There are no changes to large loan and buy-to-let purchase rates or tracker rates for new business and product transfers.
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