Santander Deals for Existing Customers

davecon1

I think there are far better deals out there from any number of lenders. HSBC do some good ones with/without the fee but it will depend on LTV. Also apparently Peterborough BS have a 5 yr fix @ 2.74% but only a £295 arrangement fee.

I have one year left on my 4% fix with Santander and called them about taking out an additional mortgage. Despite the fact that I have 80% equity to loan they wanted to charge me 4.5% over the base rate!

Any mortgage company that can blatantly rip off their customers is not worth staying with. I'm considering paying my redemption fine and remortgaging as I'll be better off in the long run.

They are utterly useless!:mad:

Thrugelmir

davecon1 wrote: »

Any mortgage company that can blatantly rip off their customers is not worth staying with.

Based on what evidence?

davecon1

based on the evidence that they are not at all competitive in comparison to lots of other lenders.

Of course it is down to personal preference but adding almost 5% on to the base rate is profiteering especially when a few years ago the same add on mortgage was BOE + 0.25%.

jonomassey

Patmanuk wrote: »

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.

Did you use a broker for this or did you apply direct yourself?

I'm hearing that some people are getting offered good competitve remortgage rates with Santander and others are getting rubbish ones. Maybe they are cherry picking the ones they want to keep. As an accountant I know its all based on risk but I would have thought the position I'm in wouldn't be too much of a risk for them.

Patmanuk

Apologies, I never replied to this.

We used the broker London and Country. Reasonable service. We are now with Accord Mortgages, who only operate through brokers, for five years and hoping to overpay lots (though within 10% limit). They have been very good so far.

jonomassey

Thanks for your reply, we have decided to use a recommended broker who has found us an excellent mortage with nationwide (3.34% Fixed for 3 years), paying the same as we do now but reducing the term of the mortgage by 3 years.

The only concern I have is the valuatiuon, I put the value as it was when we first purchased the house (£150k) but we got a 5% depost from the builder. The value on the land registry is purchase price less the 5% (£142.5k). Ours is a end terrace 3 story town house, the 2 houses in the middle of our block sold for £150k and the other town house on the end sold for £155k. Ours has a private driveway and a garden on the back 3 x bigger than the other 3 but they all have garages which are situated in a seperate block to the side. Does anybody think we'll be safe with the £150k valuation? LTV sits at 78% for this price but any value lower get us close the the 80% LTV mark.