News
Santander to temporarily withdraw all new business due to ‘market conditions’
Santander is temporarily removing all its new business residential, buy-to-let let fixed and tracker rates at 7:30pm this evening.
According to a broker note, the lender attributed this to “current market conditions” but said that its product transfer range would still be available.
The bank said that it would be relaunching its new business range on Wednesday and that full mortgage applications should be issued by 7:30pm today.
A Santander spokesperson said: “We continually review our products in light of changing market conditions. As we prepare for a relaunch of a full range of mortgage products from Wednesday morning, we will not be accepting new applications via intermediary and online channels temporarily from this evening.
“Our product transfer range remains fully available and customers who have already applied will not be impacted.”
Santander follows the HSBC last week who temporarily withdrew new business residential and buy-to-let products.
Friend or foe? The role of AI in mortgage administration
Sponsored by Pepper Money
Brokers are increasingly calling for extensions of product change notice periods, with many suggesting a minimum of 24-hours notice.