Santander has launched overpayments on product transfer loans to permit debtors to get higher offers.
The excessive avenue financial institution says the transfer might result in homebuyers getting “a greater deal or cut back their month-to-month fee or time period,” it tells brokers on its hub.
It provides that, “purchasers could make an early reimbursement charge-free overpayment earlier than you submit the product transfer request.
“Doing this earlier than may enable your shopper to get a greater deal or cut back their month-to-month fee or time period.
“This gained’t impression their early reimbursement charge-free overpayment allowance.”
The lender provides that it “can solely enable an early reimbursement charge-free overpayment with a product transfer on loans which are eligible to e book a brand new deal.
“If your shopper desires to make an overpayment to a mortgage or loans that aren’t eligible for a product transfer, they will do that within the regular means.”
The financial institution says an ‘Overpayments with a product transfer’ tab may be discovered on its product transfers internet web page.
Once the lender has processed the request, it can ship an e-mail telling brokers that their purchasers could make an overpayment.
After the financial institution has processed the fee, it can e-mail brokers to inform them once they can submit a shopper’s product transfer request.
