Santander - Reimbursement of Mortgage Early Repayment

sixstate

We had a mortgage with Santander on our last home which we sold and completed in September. At the time we were told that we would be given 90 days to complete on a new house in order to get a refund on our early repayment fee of £3400.

After a few months in rented, we have now had an offer accepted on a new house which is due to complete by the end of November, within the 90 day period. However, when we received the mortgage offer, there is no evidence that we will be given a reimbursement of the £3400. We have asked Santander for written confirmation and even involved our Solicitor to chase for written confirmation, but they will not give it.

I am at the point where I am reluctant to proceed with the purchase because I almost feel like we have been forced to rush it through in order to get our reimbursement, but now have no guarentees we will get it.

Please can someone advise on this? Preferably someone who has been in this situation.

Indispensable_Hobbes

link

Your options if you’re an existing Santander or Alliance & Leicester mortgage customer moving home

Avoiding charges
If you’re completing on your new property on the same day as paying off your existing mortgage (also known as simultaneous completion), as long as you transfer your current rate for the full amount, you will avoid having to pay an early repayment charge.
However, if there is a gap between paying off your old mortgage and completing on your new property (also known as non-simultaneous completion), you will have to pay the early repayment charge in full when you move out of your old property. The following will then apply:
n If you complete on a new property within three months of paying off your old mortgage we will refund the early repayment charge to you as long as you transfer the full balance. To get your refund, you will need to contact our Mortgage Customer Service Centre on 0845 600 3530 once your new mortgage has completed.
n If you don’t complete on the new property within three months of selling your old one, we will not refund the early repayment

Thrugelmir

sixstate wrote: »

I am at the point where I am reluctant to proceed with the purchase because I almost feel like we have been forced to rush it through in order to get our reimbursement, but now have no guarentees we will get it.

The onus is on you to complete in the 90 day time frame.

Personally I would consider £3,400 a sum worth having.