Santander will soon allow brokers to accept product transfers on behalf of their customers.
The changes to its online mortgage transfer service will come into effect from 17 November.
The process will involve a new broker declaration where brokers will ask to confirm whether they have client permission to accept the product transfer offer on their behalf.
Brokers will also have to tick new boxes on the important information page, which will confirm that they have provided a client with either a mortgage illustration or a copy of the product transfer offer.
They will also have to confirm that they have the client’s permission to accept the product transfer offer and to choose when it starts if they are eligible to switch early.
Santander added that brokers will receive an email when the product transfer is ready to review and accept, instead of the client.
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The bank will still send the same case tracking email updates to the broker and their clients; however, the wording will be updated.
A guide on how to accept a client’s product transfer will be available on the website.
All product transfer requests submitted after 6am on 17 November will need to be accepted by brokers on behalf of their clients, and product transfer requests submitted before 10pm on 16 November will still need to be accepted by the client.
Earlier this month, the bank announced rate reductions of up to 0.14%.
