New Santander and Nationwide mortgage rules with customers 'warned'

Nationwide and Santander have introduced new mortgage rules with customers warned. Customers with the two banks, which are two of the biggest in the UK, can now only lock in a new rate up to four months ahead of your current deal ending – down from six months.

Money Saving Expert, which is run by BBC and ITV star Martin Lewis, says: "If your mortgage deal is ending, it's usually best to arrange a new rate to start as soon as your current one finishes. Otherwise, you'll roll on to your lender's standard variable rate (SVR) – which is likely to be around 7.5% to 8.5%."

It means if your renewal date is 14 May, the product completion deadline is 5 December 2024 which is just over six months. If it's 11 June, the product completion deadline will be 5 December 2024 which is just over five months.

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If it's 16 July, the product completion deadline will be 5 December 2024 which is just over four months, and if it's 13 August 2, the product completion deadline will be 5 January 2025 which is just over four months.

“As market rates have stabilised over the last few months and the Bank of England base rate is forecast to go down later this year, we’ve seen a very low percentage of eligible customers requesting a new deal between four to six months before their current deal ends," Santander said.

The bank will begin cutting its product transfer window from 11 June, “while still supporting the Mortgage Charter”. The bank added: “For the time being, only customers with a current deal ending up to and including 4 December 2024 will be eligible to secure a new deal.

“Then from 13 August relaunch, customers with a current deal ending up to and including 4 January 2025 will become eligible for a new deal.”