Santander has announced the launch of a new app designed to simplify the mortgage process for brokers and consumers.

Enrique Alvarez Labiano, who heads up the retail and business bank for Santander, said that ‘Edge Home’ will enable anyone applying for a mortgage via a broker to track the progress of their application.

The app will also allow customers to access moving checklists and view their mortgage offer.

The launch follows the release of Santander’s My Home Manager service, which allows customers to access services linked to managing their home.

“We've designed it to make it easier for customers and brokers through the application journey and keep them updated at all times on the status of the process,” wrote the chief executive on LinkedIn.

Labiano described the move as a “market first” in the UK.

Aaron Shinwell, chief operating officer for Homes at Santander UK, said the service will help to reduce queries for brokers during the application process.

Santander reported a record underlying profit of €6.06 billion for the first six months of 2024, with analysts projecting full-year net income to exceed €12 billion.

Last month the bank announced a share buyback programme worth €1.5 billion, fulfilling its promise to boost investor payouts.

The programme, set to conclude by 3 January 2025, represents approximately a quarter of the bank's underlying profit for the first half of 2024.

This latest buyback follows a similar €1.5 billion programme announced in February, when Santander increased its target payout ratio to about 50 per cent of underlying profit, up from 40 per cent previously.

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