Santandar Mortgage

Theocus

Hi all,

My wife and i are renewing our mortgage with Santandar but to stay with them they are asking for admin fees of £650 and a fee of £250 for hang on to the deeds. This seems very steep for just renewing our mortgage and highly unfair.
I would understand if we were going to a new lender etc but even so, has anyone else come across this sort of penalty for being a loyal client and any advise would be greatly received.

Regards

David

hamster2013

when you say 'renewing' your mortgage - i assume you mean renegociating the interest rate?
so you are asking the bank to charge you less that what you agreed upon 2 or 5 years ago - but for free ?

so basically, the bank agreed to help you out 2 or 5 years ago, at a low interst rate to allow you to move into your home, and now wants to charge you a rate that it had been transparent about back then, and you are asking him to cut the profit it had anticipated it would make off loaning money to you and to do that cheaply and/or without any extra cost to you?

so what you want it.....

i guess you get the picture
its better than the £999 or even £1999 fees certain lenders charge.
do the maths if it is better to pay that £900 and reduce your interest rate over the new period - or to pay the higher new interest rate

you are free to go elsewhere too, and could also ask if they could waive the £250 fee for 'holding the deeds' ?

Gary123456790

Hi,

What is the £650 actually for?

Do they hold the deeds?

Ask them to send the deeds to you / your solicitor as it is likely recorded on land registry electronically now so paper deeds are largely irrelevant (best to check with your solicitor to confirm this 100%).

I have gone on to a new rate with santander and there were no fees.

Thanks,

Gary.