Santander has changed its early repayment charge (ERC) waiver policy for existing home movers taking a new product.
As of today (3rd February 2025) the policy waives the ERC for those with nine months or less left on their current deal at the time of the application.
Previously, this applied only to those with six months left.
This change offers more flexibility for clients when managing their mortgages.
If clients are borrowing the same amount or more, the ERC is waived in full, and for those borrowing less, the waiver applies to the amount on the new product.
Full mortgage applications submitted before 10pm on 2nd February 2025 will not be impacted by the new policy changes.
However, any application submitted earlier today (from 6am) will be processed under the new policy.
If a material change occurs in an existing application submitted before the cut-off time, it remains unaffected.
For applications submitted after, changes will be assessed under the updated terms.
To support the change, Santander updated its residential and buy-to-let lending criteria starting today.
