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
New business and product transfer fixed rate reductions and launch of new products
On Tuesday 22 August, we’re reducing residential and Buy to Let fixed rates across the new business and product transfer ranges. In the new business range, we’re introducing new first time buyer (FTB) exclusives with £500 cashback and no product fee. We’re also introducing a new range of residential 3 year fixed rates with no product fee, available to purchase and remortgage clients. We’re replacing the 2.5 year fixed New Build range with new 3 year fixed rate options. We’re launching new Buy to Let options with a £749 product fee for new business and product transfer clients, alongside the £0 and £1749 product fee options subject to loan size.
New business
- Residential fixed rates reducing by between 0.02% and 0.20%
- New FTB exclusive fixed rates with no product fee available up to 95% LTV
- New 3 year fixed New Build exclusive range with an extended completion deadline. This will replace the existing 2.5 year fixed range
- New residential 3 year fixed range with no product fee available to purchase and remortgage clients
- Selected Buy to Let fixed rates reducing by between 0.04% and 0.20%
- New Buy to Let fixed rates with a £749 product fee
Product transfers
- Residential fixed rates reducing by between 0.02% and 0.15%
- Buy to Let fixed rates reducing by between 0.02% and 0.20%
- New Buy to Let fixed rates with a £749 product fee
- As this relaunch is within 14 days of Sunday 3 September, we’re applying an exception to our cancellation post acceptance policy. We’ll allow any pre-booked deals due to start on Sunday 3 September to be cancelled until 10pm on Wednesday 23 August. This exception provides 2 days to identify and submit cancellation requests. Requests after this date will be rejected. All other criteria remains unchanged
- From Tuesday 22 August 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
- 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. If they already have a Mortgage Charter change in place, you also cannot submit a request for a product transfer
Monthly housekeeping
- Roll on of our new business charge and benefit end dates by 2 months. Benefit periods will now end in January 20XX
- Roll on of our product transfer completion deadlines by 1 month. Benefit periods will be held to align with the new business range ending in January 20XX
- Completion deadlines have been rolled on to:
- 5 March 2024 for product transfers
- 29 February 2024 for purchases
- 5 March 2024 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 23). You’ll find this on our Latest mortgage rates page from Tuesday 22 August
For current products, you must submit your product transfer request by 10pm on Monday 21 August
Working with you…Buy to Let remortgages (portfolio landlords)
*includes mortgaged and mortgage-free properties.
