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  • FIRST POST
    • alexb123
    • By alexb123 29th Nov 17, 5:22 PM
    • 87Posts
    • 3Thanks
    alexb123
    Can we ask for slight change to our terms?
    • #1
    • 29th Nov 17, 5:22 PM
    Can we ask for slight change to our terms? 29th Nov 17 at 5:22 PM
    We have had a Santander mortgage for 2 years. London & Country our mortgage adviser are working for us. The mortgage is now open for renewal.

    For a complex set of reasons we actually want to keep our mortgage with Santander but we want to change our over payments terms. From 10% to 20% (or higher). If they can't do this, then we will need to make a new application elsewhere.

    Has anyone heard of people being able to make such a change to their terms?

    Thanks
Page 1
    • kingstreet
    • By kingstreet 29th Nov 17, 5:25 PM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    • #2
    • 29th Nov 17, 5:25 PM
    • #2
    • 29th Nov 17, 5:25 PM
    When your current product/rate ends, you can pay as much as you want. When/If you take a new product, you will be bound by the terms of that product.

    You can't say "I'd like XYZ product, but I want to be able to make double the overpayments, or I'll leave."
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • BoGoF
    • By BoGoF 29th Nov 17, 5:26 PM
    • 2,722 Posts
    • 1,960 Thanks
    BoGoF
    • #3
    • 29th Nov 17, 5:26 PM
    • #3
    • 29th Nov 17, 5:26 PM
    If you are looking for a fixed rate deal I can't see them making an exception to the overpayment terms.
    • ACG
    • By ACG 29th Nov 17, 5:32 PM
    • 15,890 Posts
    • 8,140 Thanks
    ACG
    • #4
    • 29th Nov 17, 5:32 PM
    • #4
    • 29th Nov 17, 5:32 PM
    As above really.
    In essence it is basically take it or leave it.

    If you stay on the SVR rate (unlikely as the rate is likely a bit of a jump) then you can normally overpay as much as you like.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thrugelmir
    • By Thrugelmir 29th Nov 17, 5:44 PM
    • 56,198 Posts
    • 49,580 Thanks
    Thrugelmir
    • #5
    • 29th Nov 17, 5:44 PM
    • #5
    • 29th Nov 17, 5:44 PM
    For a complex set of reasons we actually want to keep our mortgage with Santander but we want to change our over payments terms. From 10% to 20% (or higher). If they can't do this, then we will need to make a new application elsewhere.
    Originally posted by alexb123
    Ask to shorten the mortgage term. Then by default you'll be paying a higher fixed amount every month.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • alexb123
    • By alexb123 29th Nov 17, 6:15 PM
    • 87 Posts
    • 3 Thanks
    alexb123
    • #6
    • 29th Nov 17, 6:15 PM
    • #6
    • 29th Nov 17, 6:15 PM
    Thanks for the replied Making the terms shorter is actually what we wanted to do. Do you think they'd
    • kingstreet
    • By kingstreet 29th Nov 17, 6:21 PM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    • #7
    • 29th Nov 17, 6:21 PM
    • #7
    • 29th Nov 17, 6:21 PM
    Thanks for the replied Making the terms shorter is actually what we wanted to do. Do you think they'd
    Originally posted by alexb123
    Subject to evidence of affordability, yes.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • alexb123
    • By alexb123 29th Nov 17, 6:36 PM
    • 87 Posts
    • 3 Thanks
    alexb123
    • #8
    • 29th Nov 17, 6:36 PM
    • #8
    • 29th Nov 17, 6:36 PM
    Okay great That's exactly what we wanted.
    • Mortgage_Adviser
    • By Mortgage_Adviser 30th Nov 17, 11:44 AM
    • 45 Posts
    • 22 Thanks
    Mortgage_Adviser
    • #9
    • 30th Nov 17, 11:44 AM
    • #9
    • 30th Nov 17, 11:44 AM
    Do beratr in mind that shortening the mortgage term may as well mean a brand new mortgage application from scratch with all the pain to come with it such as credit searches, numerous paperwork, appointments etc.
    This is at least how it was in a different high street bank I sued to work for
    • Raven42
    • By Raven42 30th Nov 17, 12:01 PM
    • 19 Posts
    • 30 Thanks
    Raven42
    Put the excess into a high interest savings account and wait for the deal you're signing into to end and then pay it down once you're out of the deal term.

    The banks give the fixed rate to secure them an income as well (interest you pay) if they allow you to pay that down at 20% rather than the 10% offered by rule they'll need to up the rate slightly to ensure their income.It's very fair and often worth doing for all parties.
    • hayleylouise1991
    • By hayleylouise1991 30th Nov 17, 12:33 PM
    • 12 Posts
    • 1 Thanks
    hayleylouise1991
    look at offset mortgages if you want to pay over the usual 10% overpayments.
    metro bank do a standard 20% overpayment facility, but all other high street lenders limit to 10% without incurring a cost.
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