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Santander and Platform withdraw products – round-up

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  • 21/06/2022
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Santander and Platform withdraw products – round-up
Both Santander and Platform announced they were temporarily pulling back selected mortgage ranges just days after the Bank of England (BoE) raised its base lending rate from one per cent to 1.25 per cent.

Santander said it was temporarily withdrawing all 60 per cent loan to value (LTV) residential purchase and remortgage products along with all of its 75 per cent LTV zero-fee residential purchase and remortgage products.

The rates being withdrawn include:

  • 60 per cent LTV, two-year fixed rate, 2.54 percent, £999 fee, purchase
  • 60 per cent LTV, two-year fixed rate, 2.59 per cent, £999 fee, remortgage
  • 60 per cent LTV, two-year fixed rate, 2.69 per cent, £999 fee, purchase and remortgage
  • 60 per cent LTV, five-year fixed rate, 2.89 per cent, no fee, purchase and remortgage
  • 75 per cent LTV, two-year fixed rate, 2.89 per cent, no fee, purchase and remortgage
  • 75 per cent LTV, five-year fixed rate, 2.94 per cent, no fee, purchase and remortgage

The bank said it was also extending its completion deadline for remortgages by two months so that borrowers whose deals were about to end could have more time to sign their next agreement.

Specifically, its completion deadlines have been rolled on to 5 November 2022 for product transfers, 30 December 2022 for purchases and 6 January 2023 for remortgages.

Because of the latest BoE action on interest rates, Santander said, the pay rates on its base rate tracker products would  increase as of today on new offers only. Existing Santander base rate tracker customers’ rates, it said, will not change until next month and payments won’t change until August.

 

Platform

Platform, part of the Co-operative Bank, cited “unprecedented demand for our mortgage products and to maintain application processing expectations” as the reasons it was temporarily withdrawing its new business range.

The lender said it would re-launch on Thursday its mainstream and buy to let (BTL) mortgage ranges for both new business and product switching.

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