Santander said: “After a competitive tendering process Santander will be appointing Legal & General as its new panel manager from January 2015. Our current panel manager e.surv will continue to act as our main valuer.”
Mortgage Solutions understands the UK’s second biggest mortgage lender took the decision to split the provision of valuations from its distribution for governance purposes.
E.surv confirmed it continues to be the bank’s main supplier of valuations, while Legal & General will take responsibility for the direction of the work.
Richard Sexton, e.surv’s business development manager said: “Santander will remain one of our largest relationships and we are very pleased with the terms on which we’ve extended the relationship.”
L&G has reportedly agreed a similar deal with another top five lender in the last month, but the lender was unavailable to comment.
