Santander said that by allowing an ERC-free overpayment prior to submission, this would allow the customer to “get a better deal or reduce their monthly payment term”.
The firm added that this would not impact their ERC-free overpayment allowance.
Santander said it would only allow an ERC-free overpayment with a product transfer on loans that are eligible to book a new deal.
If a deal is not eligible, then customers can make an overpayment in the normal way, the firm said.
The lender said the move was part of its pledge to “improve the product transfer process”.
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The overpayment request form can be found on the ‘overpayments with a product transfer’ section on its ‘product transfers’ page.
The request will be proceeded and then an email will be sent to the client saying the overpayment can be made, and once the overpayment is processed, the broker will be contacted so the product transfer request can be submitted.
Earlier this week, the bank lowered its mortgage rates.
