Santander has extended its waiving of early repayment charges for existing home movers who choose a new product to nine months.
This moves from the current policy of six months or less left on a customer’s current deal at the time of application.
The lender adds that if customers borrow the same amount or more, it will waive the charge in full. If they borrow less, the bank will waive the charge on the amount on the new product.
The change applies to residential and buy-to-let borrowers.
The bank adds that all full mortgage applications submitted by 10pm on Sunday 2 February won’t be affected by these changes.
Any full mortgage applications submitted from 6am on Monday 3 February will be assessed using our new lending policy.
It adds: “If a material change is made to an existing application and the original case was submitted before 6am on Monday 3 February, it won’t be affected by these changes.”
If a material change is made to an existing application and the original case was submitted after full mortgage applications it will be assessed using the new policy.
