Advice needed on application

jerrypolecat

Hi, I am coming to the end of my fixed term deal with santander (abbey) and would like to take a new fixed deal with them.
My concern is that we really struggled to get the mortgage approved in the first place, and we would have to go through a 15 minute application.

I am worried that if we fail the application process that it would not only stop us getting another fixed rate, but that they might try to withdraw the mortgage altogether and we wouldn't even get their standard variable. Can this happen? And am I better off not applying for the new fixed at all and just going to the standard variable, avoiding any application process.

We have never defaulted, and our circumstances have not changed, but it was set up by a broker who managed (somehow) to get more money than we could. Thanks.

opinions4u

Jerrypolecat wrote: »

My concern is that we really struggled to get the mortgage approved in the first place, and we would have to go through a 15 minute application.

This will be about making sure that the product you move to is the correct one.

I am worried that if we fail the application process that it would not only stop us getting another fixed rate, but that they might try to withdraw the mortgage altogether and we wouldn't even get their standard variable. Can this happen?

No.

And am I better off not applying for the new fixed at all and just going to the standard variable, avoiding any application process.

No. You are best making an informed decision to work out if their SVR or an alternative product is right for you. Get in and ask some questions!

We have never defaulted, and our circumstances have not changed, but it was set up by a broker who managed (somehow) to get more money than we could. Thanks.

Just don't mention this!

BoGoF

The very worst that can happen is that you apply for a new deal, get turned down then you go the SVR. Santander's SVR is currently 4.24% - what rate was the fix you are coming off ?

jerrypolecat

BoGoF wrote: »

The very worst that can happen is that you apply for a new deal, get turned down then you go the SVR. Santander's SVR is currently 4.24% - what rate was the fix you are coming off ?

Current rate, I think is 4.49, they are offering a 3year fixed at 3.49 with a £499 booking fee

Sponge

I've just remortgaged with Santander, 4.49% fix over 4 years. I've been on their SVR (4.24%) since coming off a tracker in October 2009.
The only fee was a £100 transfer fee, but this was waived as we opened a bank account with them 3 months ago (Zero account). So no fees, no credit check, no valuation, no going over income or outgoings, no papers to sign. All done over the phone, very easily.