"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."
Under the new Consumer Duty rules, Santander has removed selected fees as well as simplified key customer communications to improve understanding.
As part of the changes, Santander will refund the product fee up to completion if the application is cancelled.
It has also removed the valuation fee to porting customers who are not borrowing more, the re-inspection fee, duplicate statement/certificate of interest fees, second charge fee, partial release of property security fee and arrears/broken arrangement fees.
The bank says it has reviewed all other fees and will maintain those at current levels.
In addition, Santander has simplified its customer communications.
ESIS part A reflects the new product fee refund policy and explains the current product transfer cancellation policy and ESIS parts B and C include simplified offer conditions.
Santander has also introduced a new design and simplified content in its mortgage terms and conditions, mortgage guide, and declaration and data protection statement.
In its intermediary terms of business, Santander has removed the reference to ‘Treating Customers Fairly’ in section 2 ‘Obligations of the intermediary’ and aligned with Consumer Duty regulation.
Alongside the Consumer Duty changes, Santander has also announced that intermediaries can now log on to the bank's online mortgage transfer service in Introducer Internet and view current product transfer rates while a product is pending.
In a note on its intermediary website, 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. Previously, you could look at the current product transfer rate bulletin on the website to get an idea of the rates available.
"From Monday 10 July, you’ll be able to log on to our online mortgage transfer service in Introducer Internet and view our current product transfer rates if your client has a product transfer pending, and it's at least 14 days before the start of that deal."
