In an update, Santander said that if an eligible customer’s new rate is lower than their current rate, they can choose if they want the new deal to start straightaway, the date they accept the offer, or until the day after their current deal ends.
The firm said this means that customers could benefit from lower payments sooner and be on the fixed rate for longer if they decide to switch straight away.
Santander said it was delivering on its pledge to improve its product transfer process.
The lender said that if a customer wanted to start their new deal straight away, they would not be able to change or cancel it.
It added that only eligible clients can choose to start their deal straight away.
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Towards the end of last month, the bank announced rate increases across some mortgages.
Leek BS make criteria improvements
Leek Building Society has made a number of criteria enhancements for buy to let (BTL) and self-employed company directors and altered its acceptance of zero-hours contracts.
This includes no minimum income requirements across all its BTL deals, barring its family regulated BTL deal.
Stress testing has also been improved across all BTL mortgages, including holiday lets, so it is more closely aligned to each product’s pay rate, offering greater affordability options for brokers.
Leek Building Society has enhanced the criteria for self-employed company directors, so directors with a shareholding of over 25% salary and net profit will be considered when assessing income.
The firm has also removed its loan-to-value (LTV) restrictions for applicants on zero-hours contacts with two years’ consistent earnings for expanded acceptance. This will offer a “more flexible and inclusive approach to assessing income stability across varying employment types”.
The changes will come into effect from 1 September.
Nikki Warren-Dean, head of the intermediary mortgage team at Leek Building Society, said: “We’re committed to evolving our lending policies to meet the changing needs of brokers and their clients. These latest changes are a direct response to broker feedback and reflect our continued focus on being a flexible, accessible lender in a competitive market.”
