Santander Mortgage Joke

lectrolux

Hi all,

Ive just beed on to santander about a new mortgage and what they can offer in terms of fixed rate mortgages. is such a joke:- :mad:

1 year fixed rate 4.69 %
2 year fixed rate 4.99 %

I've already got a mortgage with them 4.24% @ Santander SVR, plus I qualify for loyal customer benifits (not that there are any at the mo) as I have had a bank account with them for more than 3 months.

How often do they change there products as I looked into it 1 month ago to see what I could get before my term ran out on the exsiting mortgae and they where offering 2 to 5 year mortgages on a range of attractive rates.

All help appreciated/insight

Lectrolux

Thrugelmir

lectrolux wrote: »

How often do they change there products as I looked into it 1 month ago to see what I could get before my term ran out on the exsiting mortgae and they where offering 2 to 5 year mortgages on a range of attractive rates.

Rates could change any day. As the pricing of fixed rate mortgages reflects the cost of borrowing/lending money in the inter bank money markets.

Mortgage money will be available in tranches. Once drawn down by borrowers , the bank will make a new offer in the market.

Conrad

Thier rates could well go up as the market is pricing in a Bank Of England rate rise this year.

Why do you feel thier products are a joke? Have you analyised the money markets, worldwide interest rate expectations and the needs of Abbey savers to get higher rates on thier investments? Plus maybe you are one of these that argues wages are too low, so them offering you lower cost products might mean lower wages for thier staff.

dunstonh

Ive just beed on to santander about a new mortgage and what they can offer in terms of fixed rate mortgages. is such a joke:-

They dont seem too bad to me. What would you expect on 1 year or 2 year fixed (which largely seem pointless).

sitesafe

hi lectrolux

i'm with santander and due to remortgage in september - basically i'm kind of having to stay with them because my circumstances have changed.

i provisionally accepted one offer over the phone and was sent through all the bumph which asked that i return within two weeks of the offer.

as it was getting closer to the time i had a good read of the offer and noticed they expected me to take on the new deal this month (when my existing deal ends in oct) which would also mean an early repayment charge! i range them and spoke to someone different as original member of staff not around; she looked at it and agreed with me.

instead she offered me some alternative deals (which were better so sometimes it pays to wait)...one of these i accepted (i'm not always so hasty but like i said i kind of have to stay with them) and we went through all the questions and answers prior to being sent out a second lot of bumph, when...low and behold...the lady realised she had made a mistake and offered me the deals too far in advance so the whole thing had to be scrapped ... again!!!

now i have to wait until mid may and see what they can offer me then.

if you don't have to stay with abbey/santander maybe have a look at other deals with other providers? i think that's what i would be doing.

good luck ...

lectrolux

Thx Thrugelmir and sitesafe for the info I will keep checking the products with Santander on a regular basis (same as you sitesafe in being more advantageous staying with Santander), and we will see what they can offer me.

DMB1973

They are abysmal and border line criminal, after myself and my wife being assures over a 3 month period by their UK Folkestone Branch mortgage advisor that we could increase the amount on our Mortgage to purchase our dream house and keep the same deal, being a fixed tracker, tracking at 1% above base rate. The Mortgage advisor called us 36 hours before the deposit was due to be paid on the house we were purchasing, all this after being Credit Scored and details sent to their Underwriter and she told us that they had made a MISTAKE, admitting it was THEIR ERROR and informed us that the extra we were borrowing could only now be offered on a new product with a two year tracker rate of 3.09% above the base rate, they admitted upto Regional Manager level it was their error BUT will do nothing to resolve it ! Meaning that it real terms our monthly payments would have to increase by OVER £200 as a starting point, they wouldnt budge despite saying it was their error and will not help us out, only claiming that nothing was signed. Well they assured us it was the terms of our Mortgage several times before then dropping this Bombshell. The result is we have now lost our Dream House and sale on our current property and have left us with nothing more than a shrug of their corporate shoulders and a well S**T happens attitude. They are nothing more than government protected criminals.

dunstonh

The result is we have now lost our Dream House and sale on our current property and have left us with nothing more than a shrug of their corporate shoulders and a well S**T happens attitude.

Whilst I sympathise with the events that have occurred, I am left wondering why you have withdrawn from the purchase.

Yes it would have cost you more for a couple of years but you would have been paying that amount sooner or later. So, if you cant afford it not, how would you have afforded it later?

DannyboyMidlands

Surely any rate less than inflation is a pretty good deal?

kingstreet

DMB1973 wrote: »

we could increase the amount on our Mortgage to purchase our dream house and keep the same deal, being a fixed tracker, tracking at 1% above base rate

It's peanuts, monkeys scenario I'm afraid. A trainee adviser should know you port the existing amount on the existing deal but any extra borrowing has to be on a current product.

Thrugelmir

DMB1973 wrote: »

The Mortgage advisor called us 36 hours before the deposit was due to be paid on the house we were purchasing,

I doubt your solicitor would have advised you to exchange contracts without a mortgage offer in place.