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 rates update and funds transfer fee removal
We’re pleased to tell you on Tuesday 22 November we’re reducing all new business residential and Buy to Let fixed rates by up to 0.45% and residential tracker rates by up to 1.25%. We’re introducing new products in the residential 60% LTV, 85% LTV and new build ranges. The 95% LTV residential purchase 2 year tracker will now only be available to existing Santander mortgage customers moving home.
For product transfers, we’re reducing all residential fixed and tracker rates and selected Buy to Let fixed rates.
From Monday 21 November, we will no longer charge the £35 funds transfer fee on mortgage completion. Any residential or Buy to Let case that completes on or after 21 November, even where the £35 fee is stated in the mortgage offer, will benefit from this change. This means we’ll no longer deduct £35 when sending the mortgage funds to the solicitor or conveyancer.
New business residential and Buy to Let
- All residential fixed rates reduced by up to 0.45%
- All residential tracker rates reduced by up to 1.25%
- All Buy to Let fixed rates reduced by up to 0.45%
- New residential 60% LTV, 85% LTV and new build products
- 95% LTV 2 year tracker now only available to existing Santander mortgage customers moving home
Product transfers
- All residential and Buy to Let fixed rates reduced by up to 0.36% and residential tracker rates reduced by up to 0.70%
- New residential lifetime tracker for between over 75% LTV and 90% LTV
- BTL lifetime tracker withdrawn and replaced with a 2 year tracker option
- From Tuesday 22 November, product transfer rates will become available for clients whose existing deal ends before 5 April 2023
- Product transfer rates are tailored to each customer; you won’t find them on sourcing systems. Please log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of rates. However, if you’re happy to use an estimated LTV, you can review what rates are available in the product transfer rate bulletin on our latest rates page from 22 November.
Monthly housekeeping
- Roll on of our charge and benefit end dates by one month to 2 March
- Completion deadlines have been rolled on to:
5 April 2023 for product transfers
31 May 2023 for purchases
2 June 2023 for remortgages
- Fixed rate product codes will be replaced across the new business and product transfer ranges
Clarification: funds transfer fee removal
We no longer charge the £35 funds transfer fee on all new business mortgage offers issued from Monday 21 November. Any new business mortgage offer issued before 21 November will still be charged this fee at completion.
This clarifies the previous communication which incorrectly stated that the funds transfer fee would no longer be charged on mortgage completions from 21 November.