Santander Fixed Rate Increases & Other Changes on 25 July

New business and product transfer fixed rate increases and other changes

On Tuesday 25 July, we’re increasing selected residential and Buy to Let fixed rates across both the new business and product transfer ranges. In the new business range, we’re introducing new 60% LTV Buy to Let fixed rates and withdrawing the large loan Buy to Let fixed rate.

You’ll be able to secure a new deal for your product transfer clients 6 months before their current fixed rate deal ends. We’re also simplifying the residential product transfer 1 year fixed rate offering.

You’ll be able to secure a new deal for your product transfer clients 6 months before their current fixed rate deal ends. We’re also simplifying the residential product transfer 1 year fixed rate offering.

Mortgage support page

• Residential fixed rates increasing by between 0.13% and 0.36%
• Buy to Let fixed rates increasing by between 0.05% and 0.29%
• New Buy to Let 60% LTV 2 and 5 year fixed rates for remortgage and purchase clients
• Buy to Let fixed rate product fee increasing from £1,499 to £1,749. No fee options will still be available
• Buy to Let larger loan exclusive rates are being withdrawn

• Residential fixed rates increasing by between 0.16% and 0.65%
• Buy to Let fixed rates increasing by between 0.30% and 0.67%
• New residential 1 year fixed rate at 6.32% with a reduced product fee of £499 available to clients up to 90% LTV
• Residential 1 year fixed rate with no product fee increasing by 0.16% to 6.50% available to clients above 90% LTV
• All other residential 1 year fixed rate products will be withdrawn
• As this relaunch is within 14 days of Thursday 3 August, we’re applying an exception to our cancellation post acceptance policy. We’ll allow any pre-booked deals due to start on Thursday 3 August to be cancelled until 10pm on Wednesday 26 July. This exception provides 2 days to identify and submit cancellation requests. Requests after this date will be rejected. All other criteria remains unchanged
• From Tuesday 25 July 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
• 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. If they already have a Mortgage Charter change in place, you also cannot submit a request for a product transfer

• Roll on of our new business charge and benefit end dates by 1 month
• Roll on of our product transfer charge end dates by 3 months
• Completion deadlines have been rolled on to:
• 5 February 2024 for product transfers
• 31 January 2024 for purchases
• 5 February 2024 for remortgages
• Product codes will be replaced across the new business and product transfer ranges