Santander has announced from 17 November brokers will be able to accept product transfer offers on behalf of its clients.

As part of the changes, there will be a new broker declaration where Santander will ask brokers to confirm if they have their client’s permission to accept the product transfer offer on their behalf.

On the ‘important information’ screen, brokers will also be asked to tick two new boxes: to confirm the broker has provided their client with either a mortgage illustration or a copy of the product transfer offer and to to confirm if the broker has the client’s permission to accept the product transfer offer and to choose when it starts, if eligible to switch early.

Brokers will now receive the email to let them know the product transfer offer is ready to review and accept, instead of the client.

Meanwhile, Santander is reducing its residential fixed rates across its new business and product transfer ranges by up to 0.14%.

Alongside the rate reductions, Santander is also introducing new five-year fixed rate large loan products for remortgage customers.

All 90% loan-to-value (LTV) first-time buyer five-year fixed rates will be cut by as much as 0.14%.

Remortgage rates will also be trimmed by up to 0.10% on all 60% to 85% LTV two- and five-year fixed rates and all home mover prices will be lowered by as much as 0.13% on all 60% to 95% LTV two- and five-year fixed rates.

Santander will also make rate decreases on new build and product transfer rates.

In addition, there’s a new large loan remortgage five-year fixed products at 60% LTV, starting at 3.90%. The products have a minimum loan size of £500k.

At the start of the month, Santander also lowered rates across its residential fixed rates across its home mover and new build home mover ranges.