Santander has announced that it will cut its minimum new business procuration fee and make changes to the loan threshold amount that activates the payment.
The new minimum fee will fall from £400 to £250, “bringing it in line with market competitors,” the bank says.
The minimum loan amount required to trigger the fee – currently £25,000 – will be removed completely, which Santander says illustrates “continued support for small loans.”
The bank adds that, “as a prudent lender, we are constantly reviewing our offering to ensure we are providing customers with the best possible products and services. Today, we announced a move… which along with another major lender puts us the highest in this space. Alongside this,we recognise the work brokers do on loans below £25,000, so have completely removed this minimum loan amount, in support of their efforts.”
These changes will take effect as of Monday 3 September this year.