Ahead of the rule change coming in from 31 July, the lender will now refund product fees up to completion if an application is cancelled.
It will also remove the valuation fee for borrowers who are porting a mortgage and not borrowing any more. Santander will also scrap the re-inspection fee, duplicate statement or certificate of interest fees, second charge fee, partial release of property security fee and arrears or broken arrangement fees.
The lender said its other fees would remain the same.
Santander has also updated customer communications to make them simpler, such as parts of the ESIS and its mortgage terms and conditions.
PT changes
Santander has now made it possible for intermediaries to view current product transfer rates on its Introducer Internet while a product transfer is pending and there are at least 14 days to go before the product begins.
Advisers previously had to go to the lender’s website to view current rates. If there are less than 14 days to go before a new product transfer has started, advisers will not be able to view current rates on the Introducer Internet.
Santander said: “Under current market conditions, while rates have been changing regularly, you’ll want to make sure you get the best rate for your client’s product transfer if they’ve already pre-booked a deal with us.”
This change comes as the government’s mortgage charter comes into effect. This was established to help mortgage borrowers cope with rising rates.
From today, lenders will allow borrowers to switch to a new rate without undergoing an affordability assessment and they will be able to see new rates six months before their fixed rate ends.
Santander was among the mortgage lenders to sign up to the charter and agree to its terms.
