The minimum term Santander’s borrowers now require to be eligible for a product transfer is two years and six months. Previously homeowners needed to have at least five years and six months on their mortgage term to be considered for a product transfer.
The bank has also lowered the amount of the minimum mortgage balance a borrower can have from £1, 500 to £1,000.
Santander increased its product transfer rates at the beginning of September.
The rates on its fixed-rate residential product transfers, up to 95 per cent loan to value (LTV), rose between 0.05 per cent and 0.3 per cent.
For transfers over 95 per cent LTV, three and five-year fixes reduced by 0.14 per cent.