Santander for Intermediaries, a division of Santander UK, is to launch a new online mortgage transfer service, which will allow intermediaries to select a new deal for those who are approaching the end of their mortgage deal or have recently moved onto Santander’s standard variable rate (SVR).
The new service is part of Santander’s new introducer Internet service.
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Santander for Intermediaries managing director, Brad Fordham, said the new tool, available on their refreshed Introducer Internet from 7 April, will allow brokers transfer their existing Santander mortgage clients onto a new mortgage product online, at a time convenient to them.
"Under the new regulation, the retention of all existing customers will be a key area of customer output for Santander. We are committed to helping intermediaries support our existing customers, enabling them to maintain a mortgage that’s right for their needs, while providing them with the support they should receive from their lender," Fordman added.
In order to be eligible for a mortgage transfer, clients must either have at least one loan on their mortgage account within four months of expiry or have recently moved onto Santander’s SVR.
Santander will not pay a procuration fee for the service, but will give an option for new business intermediaries to collect fee from their client.
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