To support existing customers moving home during the pandemic, where redemption of the existing mortgage and purchase of the new property was non-simultaneous, we temporarily extended the ERC refund window. With effect from 1 January 2022 the ERC refund window for non-simultaneous porting will change as follows:
- Standard purchase cases (non-new build) will revert back to three months (currently five months) in total.
- New build purchase cases will revert back to six months (currently 8 months) in total
Please remember Flexible Offset porting has always been excluded from this policy and will continue to be excluded. If your client is porting a Flexible Offset mortgage, redemption and completion must be on the same day (simultaneous).
For more information visit our existing Santander mortgage customers moving home page.
Pipeline cases
All full mortgage applications (FMAs) already submitted on Introducer Internet by 9pm on Friday 31 December 2021, or where a material change is made to an FMA originally submitted before 9pm on Friday 31 December 2021, won’t be affected.
All FMAs submitted from 6am on Saturday 1 January 2022 will be subject to the new policy.
