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
Affordability update
On Tuesday 24 October, we’re updating the household expenditure figures we use in our affordability calculation
Please use the affordability calculator on our website to get an accurate reflection of what we can lend your clients.
Pipeline rules
All full mortgage applications (FMAs) submitted by 10pm on Monday 23 October won’t be affected by these changes.
Any FMAs submitted from 6am on Tuesday 24 October will be assessed using our new lending policy.
If a material change is made to an existing application from Tuesday 24 October, the case will be reassessed using our new lending policy.
Further help and support
The affordability calculator on our website will be updated on Tuesday 24 October to reflect these changes.
New business and product transfer rate reductions plus a new Buy to Let range
On Tuesday 24 October, we’re reducing selected residential fixed and tracker rates in the new business and product transfer ranges. In the Buy to Let range, we’re reducing all new business and selected product transfer fixed rates. We’re also launching a new range of 3 year fixed Buy to Let products with or without a product fee.
New business
- Selected standard residential fixed rates reducing by between 0.06% and 0.56%.
- Selected New Build exclusive fixed rates reducing by between 0.27% and 0.56%.
- All residential large loan exclusive fixed rates reducing by between 0.25% and 0.30%.
- All standard residential tracker rates reducing by 0.10%.
- All Buy to Let fixed rates reducing by between 0.10% and 0.32%.
- New Buy to Let 3 year fixed range up to 75% LTV with or without a product fee.
- Buy to Let range with a £749 product fee is being withdrawn.
Product transfers
- Selected residential fixed rates reducing by between 0.05% and 0.35%
- Selected residential tracker rates reducing by 0.10%
- Selected Buy to Let fixed rates reducing by 0.22%
- New Buy to Let 3 year fixed range with or without a product fee
- Buy to Let range with a £749 product fee is being withdrawn
- 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 charge and benefit end dates by 1 month.
- Roll on of our product transfer charge end dates and completion deadlines by 1 month.
- Completion deadlines have been rolled on to:
- 5 May 2024 for product transfers.
- 30 April 2024 for purchases.
- 3 May 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 27). You’ll find this on our Latest mortgage rates page from Tuesday 24 October.
- From Tuesday 24 October 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 23 October.