Santander has extended its early repayment charge refund period for customers unable to sell and purchase on the same day.
The ERC refund period on second hand properties has been extended from three months to five months, while the ERC on new build properties has been extended from six months to eight months.
Santander head of mortgages Graham Sellar says: “To better support existing Santander loyal movers during this difficult time, we have extended our ERC refund period for our customers who are unable to sell and purchase on the same day, by an additional two months on both new build and second hand properties.”
Santander has also made some product changes. Due to physical property valuations being placed on hold, Santander is temporarily limiting all new purchase and remortgage applications to 75 per cent loan-to-value up to a maximum loan of £350,000.
In addition, applications for are not being accepted for any buy-to-let or new build borrowing, or any Government scheme including Help to Buy, Shared Ownership, and Right to Buy
Santander’s product transfer range is not affected.
