Just an update
Monday 10th June
This week's headlines:
Update on Smartr365
We are pleased to confirm that the project to transition brokers from OWS to Smartr365 is making good progress.
Smartr365 themselves in parallel to this impending launch also continue to evolve. Only this week Smartr365 announced that there will now be a full FMA process available with Lloyds Banking Group (LBG) meaning the entire end to end submission process to LBG will avoid the dreaded double keying!
Updates:
The end-to-end journey including the integration between Smartr365 and Openwork is fully built and is currently under full testing by our Learning and Development (L&D) team
Early Adopters have been selected and notified. This group includes representation from all business areas within Just Mortgages and will have first sight of the full integration test site pre training roll out.
The L&D team are busy preparing the training material liaising with both Smartr and Openwork to ensure a smooth transition for all users.
Suitable training venues have been identified ensuring a broad range of locations are available.
Training dates are still to be confirmed, however we will roll out to the employed division first*
*We will not commence training until the Business are satisfied all elements of the system will meet the businesses requirements. This is why precise training dates have not yet been issued to you.We will continue to update you in this regard.
Santander reduces product transfer window from 6 months to 4 months
Under the Mortgage Charter, lenders let their existing customers lock in a new deal up to 6 months before their current deal ends. Santander call this the retention window. In July 2023, Santander increased the retention window from just over 4 months to just over 6 months. This allowed customers to secure a lower rate earlier as rates were increasing rapidly at the time.
What’schanging?
Asmarketrateshavestabilisedoverthelastfewmonthsandthe BankofEnglandbaserateisforecasttogodownlaterthisyear, Santanderhasseenaverylowpercentageofeligiblecustomers requestinganewdealbetween4to6monthsbeforetheircurrent dealends.
FromTuesday11JuneSantanderwillstartreducingtheretention windowwhilestillsupportingtheMortgageCharter.Santanderwill dothisbyholdingtheproductcompletiondeadlineforproduct transferdealsthatitlaunchesinJuneandJuly.Thetablebelow explainsthis.
Relaunch date Product completion deadline for product transfers Retention window (difference between relaunch date and completion deadline) 14May2024 5December2024 Justover6months 11June2024 5December2024 Justover5months 16July2024 5December2024 Justover4months 13August2024 5January2025 Justover4months
So, 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. You should continue to access the online mortgage transfer service in Introducer Internet to check if your client is eligible to pre-book a new deal.
Santander has already sent a 6-month contact to customers with a deal ending up to and including 4 December 2024. From the beginning of September, Santander will start contacting customers with a deal ending up to and including 4 January 2025. This will be their first contact at 4 months before their deal ends.
What’s not changing?
Customers can still change or cancel a pre-booked deal at least 14 days before it’s due to start.
Whilst a product transfer is pending, customers cannot make any other change to their mortgage until the new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, applying for an additional loan, making an overpayment or starting the process to move home.
If they already have an active Mortgage Charter change in place, the customer needs to call Santander directly on 0800 092 3881 if they want to request a new deal.
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