Santander Deals for Existing Customers

jonomassey

I was just wondering if anybody else has had any quotes for new deals with Santander? My fixed rate finishes on the 3rd of August (3.99% fixed) and so I phoned to see what they could offer me for a new deal. My LTV is around 78% and thats with a conservative house valuation and the rates they have offered me don't seem very competitive.

4.69% fixed for 2 years no fee
4.49% fixed for 2 years with £400 fee
4.74% fixed for 3 years no fee

I have a 123 account and so earn cashback but these rates seem a liitle high, what do you guyes think. My credit history is good and the only credit I've applied for in the last 6 months is a loan for a car for £4500 over 3 years.

I guess my best bit is to speak to an advisor to see what rates are availabel elsewhere.

Thrugelmir

Is your mortgage interest only?

summerholiday

Ok a bit of advice. Checkout the total costs via martins money, of course!

Do not rush as they speak quickly and it is easy to simply go with what appears to be a good offer. Take your time writing all the different fees. Arrange to call them back once you have gone through the figures.

If you like an offer go back to them but say you will pay the Booking Fee and Transfer Fee by cheque upfront. This delays the changeover by days. The agents do not really like this as they are looking to turn the call round quickly and make money from you. The paperwork is then in the post.

In the meantime telephone them saying you do not think their offer is competitive enough and you will not go ahead with offer. Be aware, that the first offer may not extend over 24 month and may, in fact, be for 20 months only. Your ERC is still binding.

Within days I received a second letter with a REFERENCE asking me to call their customer services to arrange a new rate and that the existing ERC would be waived immediately upon a new rate being arranged which means that the offer if taken asap - again paying fees by cheque could be for 26 months at the new fixed rate, depending upon the date of the expiry date of offer to SVR.

If you do this and quote this ref they immediately reduce the rate further because you are a 'preferential customer'. This is what they told me.

jonomassey

Thanks for your replies.

Its a repayment mortgage with 28 year term remaining. I also want to reduce the term by 3 years as well. I spoke with a friend last night who is a mortgage advisor for a estate agent and he said their are some good 80% ltv mortgages around and has given me details of a advisor who has access to the whole mortgage market. I will contact him as he will give me a free consultation.

addyboy1982

Hang in there, when I was coming to the end of my fixed with Santander, the deals got better the closer I got to the end of the fixed term. The last one was 2.99% for 3 years!

alwaysbrassic

Another vote to hang in there. I rang the other day to do a retention product. The same postal delivery that I got my paperwork for the retention product I also received a letter about a new rate with no ERC charges! Rang to change it to that instead. £130 better off!

jonomassey

Ok thanks, I shall wait, as my existing product is due to expire on the 3rd of August, when would santander normally contact me with details of new rates?

summerholiday

Why don't you simply give them a call using a 0800 number? This call may be logged and give you an automatic letter by return as I believe mine did last week - this would then give you 26 months at the new rate rather than only 20 months.

jonomassey

I did speak to them, the rates I put above was what they quoted me on the phone to them. I haven't had any correspondance from them at all regarding remortgages other than my mortgage statement telling me I'll be moved onto the 4.74% SVR when my fixed deal ends. I'll wait a few weeks to see if I get any letters from them before deciding my next move.

jonomassey

Just an update, Nearly a month has passed and I've had no further correspondance from Santander. How long should I leave it before looking elsewhere for a mortgage? How long does a remortgage process take on average? I would like to have a new deal in place before my existing deal finishes on the 3rd of June so if anybody can offer any advice on when i should start looking elsewhere that would be a big help.

Patmanuk

We have recently remortgaged away from Santander as they couldn't offer anything competitive, even though our LTV improved to 80%. We managed to get a five year fixed rate of 3.29% through London & Country. Whole process took a couple of months, so I would begin the process soon.