Santander product transfer

vixst

I'm looking for a (hopefully!) quick answer to a question please.

Our current fixed-term mortgage with Santander is coming to an end in early September. I am 99% sure we are going to do a simple product transfer with Santander (yes, I know there are cheaper/better deals out there but we cannot remortgage to a different lender at the moment as my partner has just become self-employed and has no accounts to prove income).

If we choose a new product with Santander, will we be able to switch to a different product if interest rates reduce and Santander lower their rates? I am thinking of just completing the product transfer myself on internet banking, so I do realise this will involve me monitoring Santander's rates myself over the next 2-3 months to see if they reduce.

If I added the product fee to the mortgage, I am thinking this will avoid us being out of pocket if we want to back out of the first product and switch to a (cheaper) product?

Please do let me know if this seems along the correct lines for Satander. I am not against using a broker for the product transfer so that they could monitor Santander's rates over the next 2-3 months, but I am very worried the MPC will increase Bank rate on Thursday and would like to get the product transfer locked in before Thursday.

Thank you!

ACG

https://forums.moneysavingexpert.com/discussion/6665923/santander-product-transfer

It doesnt really work like that. If the rate is likely to go up (or down) you would find lenders make changes in the week or 2 ahead of the announcement. They dont normally make the changes after unless they are caught off guard.

My mate is a product designer for a lender, he reckons the market is expecting one rate rise this year but it will be in Q3 (ie after June). Obviously nobody actually knows though and your guess is as good as anyones.