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
Santander…What’s new in new build?
Around 200,000 new homes are built in the UK each year and account for 1 in 10 of all property sales. Some new build homes are sold off plan which can extend the time from offer to completion, increasing uncertainty for you and your clients. We want to help, so from Tuesday 6 May we’re making big new build improvements.
New build offers valid for 9 months
Our new build offers are valid for 9 months for clients who take one of our new build property only products. This allows for delays and gives your clients the security of a longer offer. It should also give you the same comfort it’s unlikely you’ll need to revisit your advice or choose a new rate for your client after 6 months.
Exceptions apply to clients porting with no top up product or staying on SVR. In these cases, your client’s offer will be valid for 9 months if they’re buying a new build home.
If coming up to 9 months your client thinks their new home won’t be ready, you can still ask us to extend the offer by up to 3 months using the normal process.
New range of new build products
We expanded our range of new build products to include 2, 3 and 5 year fixed rates, plus tracker options. All new build products have codes starting with Q and come with a 9 month completion deadline and offer validity. This gives you and your clients more choice when buying a new build home.
Our New Build Desk
Our New Build team are on hand to help with your new build cases. Please get in touch with Claire or Steve if you’ve got any question.
Further support
We’ve updated our residential lending criteria, the New build page and other guides on our website to reflect these changes
Santander’s response to the Bank of England base rate change
On Thursday 8 May, the Bank of England base rate went down by 0.25% from 4.50% to 4.25%.
Following this decision, we can confirm the following for existing mortgage customers from 3 June:
- Tracker products will go down by 0.25%. This includes the Follow-on Rate, which will go down by 0.25% to 7.50%
If a customer’s existing mortgage is affected, they’ll receive a letter notifying them of their new interest rate and new monthly payment at least 7 days before their monthly payment changes. If they want to find out how a base rate change affects their mortgage, we have useful tools and tips on the How does the Bank of England base rate impact your mortgage? page on santander.co.uk.
New tracker rates will be updated to reflect the base rate change for new business and product transfer offers on Tuesday 20 May.
Further information
- Any pipeline applications already submitted and/or offered aren’t affected so you do not need to do anything
- Take a look at our base rate FAQs for more information