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”.  Santander to cancel product transfer deals for new options