View here for Santander’s latest announcements. Please remember that you can access Santander products, including semi-exclusive mortgages, through our direct to lender mortgage club which pays on completion. Contact us for more information. Visit Santander for Intermediaries website
Residential affordability update
On Saturday 6 January, the main rate of employee national insurance contributions reduced by 2 percentage points from 12% to 10%.
Our affordability calculator has been updated to reflect this change. Please use our affordability calculator to make sure you get an accurate reflection of what we can lend your clients.
Sub 4% new business and product transfer fixed rates plus other reductions
On Wednesday 10 January, we’re reducing selected residential new business and product transfer 60% LTV 5 year fixed rates to below 4%. We’re also reducing all other residential and Buy to Let fixed rates in the new business and product transfer ranges.
New business and product transfer completion deadlines and charge end dates will roll on by 1 month. Please see the ‘Monthly housekeeping’ section below for more information.
New business
- All standard residential fixed rates reducing by between 0.17% and 0.82% including:
- 60% LTV 5 year fixed rate at 3.89% with a £999 product fee for remortgages.
- 60% LTV 5 year fixed rate at 3.94% with a £999 product fee for purchases
- All New Build exclusive fixed rates reducing by between 0.21% and 0.56%.
- All large loan fixed rates reducing by 0.25%.
- All Buy to Let 2 and 5 year fixed rates reducing by between 0.21% and 0.56% and withdrawing all Buy to Let 3 year fixed rates.
Product transfers
- All residential fixed rates reducing by between 0.04% and 0.82%.
- All Buy to Let 2 and 5 year fixed rates reducing by between 0.15% and 0.56% and withdrawing all Buy to Let 3 year fixed rates.
- For clients who want to change or cancel their new deal.
- If they haven’t accepted their product transfer offer yet, you can select a new product in the online mortgage transfer service for them and a new offer will be issued. Please make sure your client accepts the correct offer for the deal they wish to book.
- If they’ve already accepted their new deal, you can change to a different deal or cancel the one that’s already booked for them. You must do this at least 14 days before their new deal starts. Please see the ‘Product transfer cancellation process’ section on the Product transfers page.
- Whilst a product transfer is pending, your client cannot make any other changes to their mortgage until that new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, and other changes such as overpayments.
Monthly housekeeping
- Roll on of our new business benefit end dates by 1 month.
- Roll on of our new business and product transfer charge end dates and completion deadlines by 1 month.
- Completion deadlines have been rolled on to:
- 31 July 2024 for purchases
- 5 August 2024 for remortgages
- 5 August 2024 for product transfers.
- Product codes will be replaced across the new business and product transfer ranges.
Further information
- Full details of our new business range can be found in Rate Bulletin (Issue 1). You’ll find this on our Latest mortgage rates page from Wednesday 10 January.
- From Wednesday 10 January you can log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of rates. You won’t find these on sourcing systems.
- You must submit your new business and product transfer applications on our current ranges by 10pm on Tuesday 9 January.