santander mortgage

pscho

Good morning all,

I am prospective first time buyer with a Santander home saver account and I was thinking of going in to ask about a mortgage but a friend has said not to go to Santander due to the spanish banks financial problems. My question is does anyone know what happens to a mortgage if the bank was to go bust for instance?

Apologies if this question has been asked before

:j

kingstreet

It would be taken over by another financial institution. Your mortgage is an asset of the lender, so there would be plenty of willing buyers.

pscho

Thank you for your response. I will stop worrying about it then as I was worried your house could get taken away. Thank you

paso11

Moreover the Uk entity is effectively ring fenced with its own capital requirements.

Worst case scenario they would just sell the mortgage portfolio to someone else