Santander adds product transfer rates to sourcing systems

Santander has announced that, from Friday 26th September, it is adding its product transfer rates to all major sourcing systems, making it easier for brokers to support customers looking to switch products.

Graham Sellar, head of Santander for Intermediaries said: “We’re constantly reviewing our processes and finding ways in which we can be more transparent with our broker partners. 

"Introducing our product transfer rates to sourcing systems is the latest steps towards making it easier for brokers to do business with us, while openly sharing our rates reaffirms our commitment to no dual pricing across any of our mortgage products.”

Earlier this month, Santander enhanced its product transfer process for brokers and their clients.

As part of the changes, product transfer borrowers could benefit from a lower rate sooner and Santander will waive any ERCs.

As the bank's fixed rates have a product end date, rather than a fixed term from completion, clients can benefit from lower payments sooner and be on the fixed rate for longer if they switch straightaway.

If a client’s new rate is lower than their current rate, they’ll get to choose if they want the new deal to start straightaway (the date they accept their offer) or wait until the day after their current deal ends. 

If they want to start their new deal straightaway, they can select ‘Today’ on the accept mortgage offer screen.