Santander is giving broker clients the option to cancel a pre-booked product transfer deal, if they wish to take up a different deal with the bank.  

The lender says the reason behind the move is because “mortgage rates have been changing a lot recently”, a feature that has been accelerated following the turmoil of the September mini-Budget.  

It says brokers can submit a cancellation request if the borrower has accepted a product transfer offer and:  

• the deal is pre-booked, for example, it is due to start on a future date; and  
• brokers cancel the deal at least 14 days before it’s due to start; and  
• brokers want to secure a new Santander deal, such as a lower rate or a different deal. For example, a tracker to a fix, or a two-year fix to a five-year fix.   

The lender says it is not able to cancel offers if brokers want to remortgage clients to another lender.  

It adds that cancellations cannot be made once a loan has started, as an early repayment charge will apply.  

Full details of how to submit a cancellation request are detailed in step seven on the group’s product transfers page.  

The lender says: “The product transfer offer and the online journey will continue to say that a customer is unable to change their mind or cancel their deal once they’ve accepted the offer. This is still correct unless they wish to take a different deal with us.”   

It adds that it is working to update its offer and online journey “to reflect this new policy in the coming months”.