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
Update to household expenditure figures and National Insurance rates
On Tuesday 8 November we’re making the following changes:
- Household expenditure figures are being updated to reflect the most recent Office of National Statistics (ONS) data.
- National Insurance is being reduced by 1.25 percentage points in line with government changes.
Our residential affordability calculator will be updated to reflect these changes. So please use this calculator on our website to make sure they get an accurate reflection of what we can lend your clients.
Pipeline rules
Our usual pipeline rules will apply. All full mortgage applications (FMAs) already submitted on Introducer Internet by 10pm on Monday 7 November won’t be affected by these changes. Any FMAs submitted from 6am on Tuesday 8 November, or where a material change is made to an FMA that was originally submitted before 10pm on Monday 7 November, will be assessed using our updated lending policy.
Santander rates update
On Thursday 10 November, following last week’s Bank of England base rate increase from 2.25% to 3.00%, the pay rates on all our new business and product transfer tracker rates (including Follow-on Rate) are increasing by 0.75% to reflect this. No action is required for pipeline cases.
The rates and fees on our fixed rate products are not changing.
We’re also removing the option for customers to transfer onto the Follow-on Rate, so you’ll no longer see this lifetime tracker product in the online mortgage transfer service.
At the same time, we’re also introducing stepped percentage early repayment charges (ERCs) on all fixed rate residential or BTL full mortgage applications (FMAs) submitted, or product transfers requested from Thursday 10 November.
The new stepped percentage ERCs are below:
Step | 2 year fixed | 2.5 year fixed | 3 year fixed | 5 year fixed | 7 year fixed |
1 | 2% | 2% | 2% | 5% | 5% |
2 | 1% | 1% | 2% | 5% | 5% |
3 | 1% | 3% | 5% | ||
4 | 3% | 3% | |||
5 | 1% | 3% | |||
6 | 3% | ||||
7 | 1% |