Brokers can no longer submit mortgage applications to Santander on behalf of themselves or their relatives after the lender introduced a “conflict of interest” section to its lending criteria.
Previously, brokers were able to submit their own applications but they needed a declaration from another adviser, within their own firm or another firm, to verify their identity and details.
But now brokers have to allow another business writer within their firm to process the application or, where this is not possible, the application will have to be processed by an adviser at another firm.
The change came into effect last week.
A Santander spokeswoman says: “These changes will ensure that we not only manage our own risks but also protect the interests of those intermediaries who transact with us.”
London & Country associate director of communications David Hollingworth says: “For many this will not be a problem as there will be another independent person able to eliminate questions of a conflict of interest. But small firms and those working for themselves will be the ones to suffer, as this suggests they will have to direct relatives and even themselves to another firm in order to use Santander.”