Santander will enable product switch prospects to swap to a brand new deal whether it is lower than their present charge straight away, with out early reimbursement costs.
The excessive avenue lender tells brokers in a observe: “If your shopper’s new charge is lower than their present charge, they’ll get to select if they need the brand new deal to start straightaway — the date they settle for their provide — or wait till the day after their present deal ends.”
It says the results of this alteration is that dealer purchasers “may benefit from lower funds sooner and be on the mounted charge for longer, in the event that they swap straightaway”.
If borrowers want to start their new deal straightaway, they have to choose ‘Today’ on the settle for mortgage provide display screen, the financial institution says.
But the lender warns that purchasers who do select to start a brand new deal straight away, “received’t have the opportunity to change or cancel it” as there may be “no cooling off interval”.
It provides that solely eligible purchasers can take up new deals straightaway.
