Santander for Intermediaries is removing the minimum procuration fee for brokers on residential mortgages, and cutting the rate paid on buy-to-let property deals.

From 1 May the minimum proc fee of £250 will no longer apply to residential mortgages arranged by brokers. The percentage brokers receive will remain unchanged.

On BTL mortgages, Santander is cutting the procuration fee to 0.45 per cent, down from 0.5 per cent.

Santander is also, from today (12th March) introducing automated valuation mortgages (AVM) across its entire buy-to-let remortgage range.

Under the new system, where valuation and rental income estimates on remortgage applications match system estimates on AVM, Santander will no longer require a formal valuation visit to the property.

The move is designed to streamline the valuation process for landlords and remove inconvenient or unsettling visits for tenants.

Head of Santander for Intermediaries Lindsey Mitchell says: “Remortgaging doesn’t need to be a difficult process for brokers and landlords or create tension with tenants.

“Our new streamlined approach using the AVM system will make obtaining a property valuation quick and easy, while our updated procuration fees continue to offer good value to the brokers who we work so closely with.”