Remortgage Offers as Current Customer with Santander

sitesafe

Hi

Deal coming to an end in September. LTV 68% 20 years left after september.

Read on Santander website that earliest I could apply for new deal with them as existing customer was up to 5 months for trackers and up to 4 months for fixed. However I rang them and was told there are a few offers open to me at this moment in time.

I've tentatively (bearing in mind 2 week cooling off and time to think through what to do) agreed to a:

2.69 tracker + base rate tracker so currently 3.19 - for two years with £100 transfer fee (can be included in the loan).

also offered only one fixed rate:

2 year fix at 4.39 plus £599 fee (payable upfront)

I am aware interest rates with go up but my situation is that in the past year I made the big mistake of going self-employed as well as being employed (I have two jobs) and my earnings have been patchy. So to present this to a new bank would maybe not be in my favour. Whereas as an existing customer you don't have to go through all the proof of income stuff again. So basically I am having to stay with my existing lender.

I was just wondering whether anyone would be of the opinion to wait until the up to 4 and 5 months timescales and see if the deals are going to be any better as there will be more choices open to me? I do know from experience in the past that I booked an early deal with my current provider but then transferred it later to another one of theirs because a much better deal came along but those were the days of the tracker plus .5% (the one that is currently coming to an end) which I can't see happening again.

So maybe it's a case of beggers can't be choosers!?

Thrugelmir

sitesafe wrote: »

So maybe it's a case of beggers can't be choosers!?

Would appear so.

What interest rate do you default onto in September?

dimbo61

What does your existing deal revert to at the end of the fix ? Is it the SVR or some kind of tracker deal!
You have not given outstanding mortgage so cant work out which of the 2 deals would be better for you and what rate you are on now.
Me I like the security of a long term fix and like offset mortgages

sitesafe

Hi

Current deal reverts to the SVR at the end of September.

Currently my outstanding mortgage is £66,000 and the tracker rate is base rate + .99 so around 1.5

Further down the line a longer term fixed seems appealing but at the moment my options are limited as I feel I'm going to have to stick with my current provider because of my financial situation (see first posting) so really wondering whether to stick to what i've been offered or wait a couple of months before more deals become available...

?

sitesafe

Meaning my Current tracker is 1.5 not the one I've been offered. See first posting for that info!

sitesafe wrote: »

Hi

Current deal reverts to the SVR at the end of September.

Currently my outstanding mortgage is £66,000 and the tracker rate is base rate + .99 so around 1.5

Further down the line a longer term fixed seems appealing but at the moment my options are limited as I feel I'm going to have to stick with my current provider because of my financial situation (see first posting) so really wondering whether to stick to what i've been offered or wait a couple of months before more deals become available...

?

dimbo61

BOE rate held at 0.5% again so you could sit tight and wait a few months to see if any better deals