Santander is updating its ‘switch now’ policy for some mortgage customers, offering the opportunity to change or cancel a pre-booked deal up to 14 days before it starts.
From tomorrow, Tuesday 9 July, fixed or short-term tracker rate customers can accept a new deal at the same or lower rate to start the day after their current deal ends, or the day before the product completion deadline, whichever is first.
In a note to intermediaries, the lender said: “In the current rate environment, we want to give all existing mortgage customers the flexibility to change or cancel their pre-booked deal up to 14 days before their new deal starts.”
There’s no change for existing fixed or short-term tracker customers switching to a higher rate or existing standard variable rate, Follow-on Rate and lifetime tracker customers.
If a borrowers is currently on a fixed rate or short-term tracker and their new rate is the same or less, they’ll change to the new deal the day after their current deal ends, or the day before the product completion deadline. The same applies if the new deal is higher.
If the client is on the lender’s SVR, follow-on rate or a lifetime tracker, they’ll change to the new deal as soon as the offer of acceptance is received.
