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Santander for Intermediaries will cut selected residential and landlord fixed-rate loans among its new business and product transfer ranges by up to 29 basis points.
The bank’s broker-only arm says its reductions, which come into force tomorrow (29 November), cover:
New business
- Selected standard residential fixes will come down by between 3bps and 27bps
- Selected new build exclusive fixes will come down by between 5bps and 29bps
- Selected buy-to-let fixes will come down by between 5bps and 17bps
Product transfers
- Selected residential fixes will come down by between 3bps and 10bps
- Selected BTL fixes will come down by up to 17bps
The lender tells brokers that clients who have not accepted a product transfer offer, means that brokers can select a new product in the online mortgage transfer service for them and a new offer will be issued.
It adds that If clients have accepted a new deal, brokers can change to a different deal, or cancel the one that has been booked. Brokers must do this at least 14 days before their client’s new deal starts.
The bank warns brokers that they must submit new business and product transfer applications on its current ranges by 10pm on 28 November.
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