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Santander for intermediaries will reduce its product switch window for present prospects to 4 from six months subsequent week.
The transfer to introduce longer product switch home windows was a part of the voluntary Mortgage Constitution final July negotiated between Chancellor Jeremy Hunt and main lenders, as charges rose following the Liz Truss mini-Price range in September 2022.
However the lender now says: “As market charges have stabilised over the previous couple of months and the Financial institution of England base charge is forecast to go down later this 12 months, we’ve seen a really low proportion of eligible prospects requesting a brand new deal between 4 to 6 months earlier than their present deal ends.”
The financial institution will start chopping its product switch window from 11 June, “whereas nonetheless supporting the Mortgage Constitution”.
It is going to do that by holding product completion deadlines for product switch offers that the lender launches in June and July.
This implies:
14 Might — the product completion deadline is 5 December 2024 which is simply over six months
11 June — the product completion deadline can be 5 December 2024 which is simply over 5 months
16 July — the product completion deadline can be 5 December 2024 which is simply over 4 months
13 August 2 — the product completion deadline can be 5 January 2025 which is simply over 4 months
The agency provides: “In the interim, solely prospects with a present deal ending as much as and together with 4 December 2024 can be eligible to safe a brand new deal.
“Then from 13 August relaunch, prospects with a present deal ending as much as and together with 4 January 2025 will change into eligible for a brand new deal.”
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