Santander has 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.
In a note on its intermediary site, Santander notes that if a borrower chooses to start their new deal straightaway, they won’t be able to change or cancel it and there’s no cooling off period.
