The lender made the announcement as part of an update to rates on its residential mortgage range.
It said: “From Monday 3 September 2018 our minimum new business procuration fee will reduce from £400 to £250.
“Additionally, we’re removing the minimum £25,000 threshold that triggers the minimum procuration fee.
“Cases agreed and transmitted or retransmitted (as a result of a material change) from Monday 3 September will receive a £250 minimum procuration fee. Offer KFIs will reflect the new minimum procuration fee,” it added.
Rate reductions
Santander also announced it will be cutting rates on selected fixed and tracker products and increasing the maximum loan size to £2m on selected 75% loan to value (LTV) large loan products from 10 July.
Large loan rates are being cut by up to 0.3% with standard residential rates being cut by up to 0.2%, according to the update.
Santander has since explained its reasons for the cut but left brokers confused about its strategy.
