Santander launches MMR transfer service

The service, launching on 7 April 2014, enables intermediaries to select a new deal for those who are approaching the end of their mortgage deal or who have recently moved onto Santander’s standard variable rate.

Brad Fordham, managing director of Santander for Intermediaries, said: “The new tool, available on our refreshed Introducer Internet from 7 April, will help brokers transfer their existing Santander mortgage clients on to a new mortgage product online, at a time convenient to them.

“Under the new regulation, the retention of all existing customers will be a key area of customer output for SFI.

“We are committed to helping intermediaries support our existing customers, enabling them to maintain a mortgage that’s right for their needs, while providing them with the support they should receive from their lender.”

The mortgage market review comes into play on 26 April 2014.

Intermediaries will be able to Identify which loans are eligible to transfer, compare available mortgage deals, compare monthly payments, submit transfer requests online and track the broker’s transfer request with email updates.

To be eligible clients must either have at least one loan on their mortgage account within four months of expiry or have recently moved onto Santander’s standard variable rate.