Useful Info for Some Santander Mortgage Customers

martint12005

Any Santander customer who has 2 mortgage accounts with Santander may find this info useful. I have 2 mortgage accounts with them, for mortgages on the same property. I have 2 accounts because when I moved house 5 years ago I needed to borrow more. I ended up with 1 account that was on a tracker rate of .75 above the base rate (so it's currently 1.25%) and the other account was on the standard variable rate of 4.99%. The account paying 1.25% is the majority of the borrowing (roughly 65% of my mortgage was on 1.25%).

I called them on the off-chance that I might be able to get the account on the 4.99% interest rate onto one of their lower interest offerings. I saw on their website that they had around 2.89% available so it was worth a shot. I thought I had asked them about this a while ago and been told that I needed to move both accounts onto the same interest rate which would mean losing out on the 1.25% I was paying for 1 account.

However, when I called them this morning I found out that I could move the account I was paying 4.99% on to the same deal as the other account. In other words I'm now paying 1.25% (tracker) rather than 4.99% variable on the 2nd account. In doing this I can reduce the term of the 2nd account, pay the same monthly payment but repay the capital much more quickly. Or alternatively I could keep the same term on the 2nd account and save over £100 per month. I'd recommend that any Santander customer (I was a former Alliance & Leicester customer) in a similar position to me calls them on 0845 600 3530 to discuss. Apparently they've only been doing this for the last few months.

kingstreet

At this moment, it's possible to phone a lender three times and get three different answers to the same question. I would retain a certain amount of scepticism about what you've been told, until you get it in writing.

When you do, come back and confirm it is as they said it would be.

handytips

Sounds to good to be true !!! It often is.

Unclefoobar

I had a very similar situation 12 months ago. 2 mortgages on the same property, phoned up Santander to enquire what my rate would be at the end of my 5 year fixes, was told mortgage #1 would be BOE plus 0.75% and mortgage #2 would be the SVR. Phoned 2 weeks later to be told mortgage #1 would be SVR and mortgage #2 would be BOE plus 0.75%. However when both 5 year fixes ended, both mortgages went on to the BOE plus 0.75% rate! I always make a note of any phone calls of this nature so I'm sure I heard correctly when I phoned but I'm not complaining as it worked out in my favour.

jillmacozz

martint12005 wrote: »

any santander customer who has 2 mortgage accounts with santander may find this info useful. I have 2 mortgage accounts with them, for mortgages on the same property. I have 2 accounts because when i moved house 5 years ago i needed to borrow more. I ended up with 1 account that was on a tracker rate of .75 above the base rate (so it's currently 1.25%) and the other account was on the standard variable rate of 4.99%. The account paying 1.25% is the majority of the borrowing (roughly 65% of my mortgage was on 1.25%).

I called them on the off-chance that i might be able to get the account on the 4.99% interest rate onto one of their lower interest offerings. I saw on their website that they had around 2.89% available so it was worth a shot. I thought i had asked them about this a while ago and been told that i needed to move both accounts onto the same interest rate which would mean losing out on the 1.25% i was paying for 1 account.

However, when i called them this morning i found out that i could move the account i was paying 4.99% on to the same deal as the other account. In other words i'm now paying 1.25% (tracker) rather than 4.99% variable on the 2nd account. In doing this i can reduce the term of the 2nd account, pay the same monthly payment but repay the capital much more quickly. Or alternatively i could keep the same term on the 2nd account and save over £100 per month. I'd recommend that any santander customer (i was a former alliance & leicester customer) in a similar position to me calls them on 0845 600 3530 to discuss. Apparently they've only been doing this for the last few months.

my experience which is ongoing with santander is hell thats why i refere to them as satan der we applied for current acc with them on a promise of £100 and £25 for each new customer which we introduced.............that never happened.........we asked for no overdraft but because they pick and choose who or which bills to pay on our behalf including dd s we found ourselves owing them charges even though we had no overdraft.......they pay some dd s then refuse the money to the companies for which we recieve a £25 charge for......unfortunatly this has dragged us into debt with them and staff are really unhelpful if you go in branch..we then asked for an overdraft to stop these charges and were refused but still will let you go overdrawn then charge you £25 even when we asked them not to.even if we go over by £1 the charge remains the same and charges are taken out before i get paid so £25 added again and they will not change the date for anything which has affected credit score and now we cant get another current acc anywhere..................:(