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Santander launching large loan tracker range plus other reductions on 11 June
New large loan tracker range plus other fixed rate reductions
On Tuesday 11 June, we’re introducing a new large loan tracker range for purchase and remortgage. We’re also reducing selected residential and Buy to Let fixed rates in the new business range plus reducing selected residential fixed rates in the product transfer range.
There will be no change to our standard residential and Buy to Let tracker rates across our new business and product transfer ranges.
As a reminder, we’ll also start reducing the retention window while still supporting the Mortgage Charter. We’ll do this by holding the product completion deadline for product transfer deals that we launch in June and July. So, for the time being only customers with a current deal ending up to and including 4 December 2024 will be eligible to secure a new deal.
New business completion deadlines and charge end dates will roll on by 1 month. The product transfer completion deadline will not change. Please see the ‘Monthly housekeeping’ section below for more information.
New business
- New large loan 2 year tracker range for purchase and remortgage clients, including:
60% LTV 2 year tracker rate at 6.04% with a £1,999 product fee for loans up to £5 million.
75% LTV 2 year tracker rate at 6.24% with a £1,999 product fee for loans up to £3 million
- Selected residential fixed rates reducing by between 0.02% and 0.14% for purchases and remortgages, including a 60% LTV 5 year fixed rate at 4.28% for loans up to £3 million for purchases.
- Selected Buy to Let fixed rates reducing by 0.14% for purchases.
Product transfers
- Selected residential fixed rates reducing by between 0.02% and 0.10%.
- 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 date, charge end dates and completion deadlines by 1 month.
- Product transfer completion deadline will remain as 5 December 2024.
- Completion deadlines have been rolled on to:
31 December 2024 for purchases
06 January 2025 for remortgages
- 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 16). You’ll find this on our Latest mortgage rates page from Tuesday 11 June
- From Tuesday 11 June 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 Monday 10 June.