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
We’ve launched a new SFI LinkedIn page
We’re delighted to announce the launch of our new SFI LinkedIn page.
The page provides another platform for us to tell you about our rate changes, service position and why you should choose Santander for Intermediaries for your mortgage business.
Follow our page to stay up-to-date and connect with our passionate team.
NEW! View current product transfer rates while a product is pending
Under current market conditions, while rates have been changing regularly, you’ll want to make sure you get the best rate for your client’s product transfer if they’ve already pre-booked a deal with us. Previously, you could look at the current product transfer rate bulletin on the website to get an idea of the rates available.
From Monday 10 July, you’ll be able to log on to our online mortgage transfer service in Introducer Internet and view our current product transfer rates if:
- Your client already has a product transfer deal pending, and
- It’s at least 14 days before the start of that deal
If there’s less than 14 days before the start date of the new deal, you won’t be able to view the current rates.
Whilst a product is pending, your client won’t be able to make any other changes to their mortgage until that new has started. This includes:
- Arranging a new deal for another loan part on their mortgage
- Starting the process of moving home
- Applying for an additional loan
- Changing from a repayment mortgage to interest only
- Increasing their mortgage term
- Making an overpayment
- Remortgaging to another lender
Cancelling a product transfer
To submit a cancellation request, you must email [email protected] with the four pieces of information below:
- Reason for request,
- Customer account number,
- Case reference number starting with 11. You’ll find this on page 9 of your client’s offer or in Introducer Internet > Mortgage transfer service > My applications > Review transfer requests, and
- New 5-character product code. You’ll find this in Introducer Internet > Mortgage transfer service > Mortgage quote.
Only submit one request per email.
We’ll review your request and, providing we have all the information we need, we’ll cancel the product transfer as requested and email confirmation within the next two working days.
As soon as you receive the email confirming the cancellation of your client’s pending product transfer, you must request a new product transfer deal for your client in our online mortgage transfer service in Introducer Internet.
Consumer Duty – fees removal and simplified customer communications
On Monday 10 July under Consumer Duty, we’ve removed some fees as well as simplified key customer communications to improve understanding.
What’s changed?
1. Fees changes
- Refund of the product fee up to completion if the application is cancelled
- No longer charging a valuation fee to porting customers who are not topping up
- Removal of the re-inspection fee, duplicate statement/certificate of interest fees, second charge fee, partial release of property security fee and arrears/broken arrangement fees.
The tariff of mortgage charges will be updated to reflect these changes.
We’ve reviewed all other fees and they will maintain those at current levels.
Pipeline rules
All full mortgage applications (FMAs) submitted by 10pm on Sunday 9 July won’t be affected by these changes.
Any FMAs submitted from 6am on Monday 10 July will benefit from the fee removals and new product fee refund policy.
2. Simplified customer communications
We’ve updated the following key communications:
- ESIS part A – reflects new product fee refund policy and explains the current product transfer cancellation policy.
- ESIS parts B and C – simplified offer conditions.
- Mortgage terms and conditions – new design with Plain Language Commission accreditation.
- A straightforward guide to your mortgage – new design with simplified content.
- Declaration and data protection statement – simplified content.
- Intermediary terms of business – removed reference to ‘Treating Customers Fairly’ in section 2 ‘Obligations of the intermediary’ and aligned with Consumer Duty regulation.
Help and support
Any pages and documents that are affected on the SFI website are now updated.
New business rate increases plus new products
On Thursday 13 July, we’re increasing selected new business residential and Buy to Let fixed rates. We’re also introducing new residential fixed rate products.
Product transfer rates aren’t affected.
New business
- Residential purchase and remortgage fixed rates increasing by between 0.05% and 0.30%
- New 2 and 5 year fixed rates exclusively for existing Santander mortgage customers moving home
- New residential 2 and 5 year fixed rates for clients with large loans
- Buy to Let fixed rates increasing by between 0.20% and 0.35%
- Full details of our new business range can be found in Rate Bulletin (Issue 18). You’ll find this on our website from Thursday 13 July
Further information
- For current products, you must submit your full mortgage application by 10pm on Wednesday 12 July