Santander cuts proc fees paid on resi and BTL
Santander for Intermediaries has reduced procuration fees paid on residential and buy-to-let mortgages.
The changes will apply from 1 May 2020.
On residential mortgages, the lender is set to remove the minimum procuration fee of £250.
Meanwhile, on buy-to-let mortgages Santander is reducing the procuration fee from 0.50% to 0.45%.
Furthermore, the bank is also introducing automated valuation mortgages across its entire buy-to-let remortgage range.
As a result, Santander will no longer require formal valuation visits to the property.
Lindsey Mitchell, head, Santander for Intermediaries, said: “Remortgaging doesn’t need to be a difficult process for brokers and landlords or create tension with tenants.
“Our new streamlined approach using the AVM system will make obtaining a property valuation quick and easy, while our updated procuration fees continue to offer good value to the brokers who we work so closely with.”