Copy article

Santander new business product withdrawals

ended 12. June 2023

Santander has just announced: “Due to current market conditions, we're temporarily withdrawing all our new business residential and Buy to Let fixed and tracker rates at 7.30pm on Monday 12 June. Our product transfer range will still be available. We're relaunching our full new business range on Wednesday 14 June.” UK newswire, Newspage, sought the views of brokers, below.

5 responses from the Newspage community

Copy all

Star Quote
Copy

Editor
Michelle Lawson
Director at Lawson Financial
I'm really not surprised about this announcement from Santander to be fair. I fully expected this on Friday. Kudos to Santander for giving notice. I would still prefer 24 hours' notice as per our campaign for the #24hrpledge, as this would have been known on Friday and even before then perhaps. As products are not going to be launched until Wednesday, hopefully Santander will reprice for the longer term as TSB have announced today that they are actually reducing rates, which is promising.
Copy

Editor
Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
Santander was the only lender remaining that hadn’t repriced, so this was expected. Hopefully their systems will be able to cope with the massive influx of applications they will receive today. I know their website had problems over the weekend.
Copy

Editor
Justin Moy
Managing Director at EHF Mortgages
Santander is probably the last lender to increase rates in the latest batch of changes, so this was not unexpected. And they have given us a reasonable amount of notice compared to some lenders, although still not 24 hours. Having seen TSB announce some rate reductions this morning, hopefully this is the start of the end of the recent stresses and strains.
Copy

Graham Cox
Director at Bridging Hub
Gilt yields and swap rates, which determine the cost of borrowing for lenders in the money markets, continue to climb in the wake of the disastrous inflation figures announced last month. The result is lenders are finding it increasingly difficult to price fixed-rate deals profitability. In addition, any bank or building society that comes out cheapest is getting flooded with too many applications to cope, which is no doubt what's happening with Santander.
Copy

Rob Gill
Managing Director at Altura Mortgage Finance
What started with smaller lenders dramatically pulling out of the market has now spread to much larger lenders with Nationwide, HSBC and most recently Santander announcing short-notice withdrawals. While there are some tentative signs that market turmoil is settling, lenders are still working to manage volumes and recover from some very challenging market conditions over recent weeks.