Santander will add its product transfer rates to all major sourcing systems from Friday, which the bank says will make “it easier for brokers to support customers looking to switch products”.  

Head of Santander for Intermediaries Graham Sellar adds: “We’re constantly reviewing our processes and finding ways in which we can be more transparent with our broker partners. 

“Introducing our product transfer rates to sourcing systems is the latest steps towards making it easier for brokers to do business with us, while openly sharing our rates reaffirms our commitment to no dual pricing across any of our mortgage products.” 

The move follows the end of the Financial Conduct Authority’s consultation period on its wide-ranging mortgage rule review last Friday. 

As part of this review, along with another held by the watchdog in June, it is consulting on making product transfers and remortgages simpler and less costly through a range of measures.

This includes “lighter affordability assessments” for remortgage borrowers and boosting the use of execution-only product transfers.