The lender said the Experian work report, which will be used for a trial period from 4 September, would offer a “quick, simple and secure way” to verify income and employment information using a client’s personal information.
The service will remove the need for payslips in the future for some clients, Santander said, which will minimise the administrative workload for brokers.
The work report will verify income, employment status and employer name, provide the most up-to-date and accurate income data, confirm gross and net income and help prevent fraud.
Santander said brokers will still need to provide payslips on all mortgage applications during the trial period, and the Experian work report service will be used in conjunction with this to verify information.
Brokers can opt customers into the trial, once they have received their client’s consent, by selecting ‘yes’ on the confirmation page in Introducer Internet.
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The bank also said it had made further product transfer improvements, so brokers will be able to view all their clients’ mortgage details at any time, including those that aren’t eligible for transfer.
Brokers will also be able to see the product end date for each of their clients’ loan parts.
This comes after Santander said eligible customers could benefit from a lower rate sooner and that it would waive early repayment charges (ERCs) for some product transfers.
