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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.”

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