Santander Mortgage Joke

ali-t

kingstreet wrote: »

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.

I have spoken to Santander about changing my mortgage as I am looking to move house and this is what they said to me. It wasn't hidden or disguised, they were very open and said I could take my 1.something% rate on my current mortgage and get a good deal on the rest of the borrowing.

hmeah

Santander Mortgage is a BIG JOKE...

I been on the SVR rate for 2 years now, and it went out a few months ago to 4.7%, so i thought id call them today to get a better deal, they told me they had good news, that i could fix my rate for the next 2 or 3 years @ 4.7%, what stupidness is that?

I am on a interest only and this will take me to a remortgage and know my payments per month, but this was just taking the berty!

I cant wait to leave them and have appointed a broker to get me out of Santander, i think they are the worst bank to deal with...

kingstreet

They want interest-only borrowers with no repayment vehicle to leave, hence the poor retention product they offered.

Change to repayment and open a 123 account and see how the offer improves.

hmeah

i want a repayment mortgage, i just want to pay a decent rate like what other banks are offering 3-3.5% is fine with me, ive got a decent job and clearing 4k pm after tax, they can see this but to offer something the same is just plain idiotic, I hope i can land something with HSBC, my LTV is 70% too... bring back Abbey!!! or even Abby National! lol

Brock_and_Roll

I have no love of Santander at all, but would say 3 things:

1) If you dont like their rates, move - there is plenty of competition. If you cant move due to insufficient equity or poor credit, then by definition you are a higher risk so should expect to pay some kind of premium rate over and above the market best rates

2) By any historical measure, mortgages rates below 5% are uber cheap

3) Santander has specific problems in its borrowings in the capital markets. Suffice to say that it has to pay a premium over that paid by some other banks to borrow long term money. Hence it is not able to offer such cheap deals to end users.

Thrugelmir

hmeah wrote: »

I am on a interest only and this will take me to a remortgage and know my payments per month, but this was just taking the berty!

I cant wait to leave them and have appointed a broker to get me out of Santander, i think they are the worst bank to deal with...

First you'll need a repayment plan. If you are hoping to find a decent rate.

addyboy1982

If you're interest only they don't want you anymore.

I'm on repayment, have a 1-2-3 Credit Card and got offered 2.99% fixed for two years.

As Kingstreet says, go repayment, have another financial product with them, and you can get some good offers.