Santander is introducing a criteria update requiring brokers to accept product transfer offers on behalf of their clients.
All product transfer requests submitted after 6am on Monday 17th November will need to be accepted by brokers on behalf of their client. This includes any changes to pre-booked deals submitted online after this date.
The bank is making changes to its online mortgage transfer service. Brokers will now receive the email informing them that the product transfer offer is ready to review and accept instead of their client.
There will be a new declaration where brokers will need to confirm they have a client’s permission to accept the product transfer offer on their behalf.
Brokers will be asked to tick two new boxes:
- To confirm they’ve provided the client with either a mortgage illustration or a copy of the product transfer offer.
- To confirm they have their client’s permission to accept the product transfer offer and to choose when it starts, if eligible to switch early.
Santander will still send the same case tracking email updates to brokers and clients, but it's updating the wording to say brokers will now receive the offer and be accepting it on the client’s behalf.
The bank is renaming its guide to 'helping you accept your client's product transfer'.
Santander noted that there will be no changes to the screens and brokers will be reading the acceptance as if they are the client.
