Santander Mortgage

Balto100

Hi we had a fixed mortgage with Santander for 5 years and when it matured it went from 3.29 to 4.74%. We contacted them to ask them if we could have a better rate as we have been with them for many years. They said that this was not possible only for new mortgagees that is loyalty for you. We would like to re-mortgage elsewhere but my husband's wages have halved since taking out the mortgage so we can no longer get the £245,000 outstanding on the mortgage. The equity in the property is £500,000. Can anyone help with a way round this or are we stuck!! Thank you in advance.

Dave_Ham

I think it is unlikely there will be a solution and assuming you are on interest only and hence why they have not offered anything else.

What is your income and Husband's income and will be able to give you a better opinion.

Balto100

Thank you his salary is now £27,000 and I am not working at present.

Goldiegirl

You're supporting a £245,000 mortgage on a £27000 income?

Wow.

Have you considered downsizing? In most areas you could get a decent property for £500,000 and be mortgage free

_Andy_

How are you even meeting the payments?

anyway, by the by really. No other lender is going to offer you anything at all I'm afraid.

Paully232000

Is that something like £950/month or £1400/month repayment mortgage, on a salary after tax of about £1700/month.
I feel for you. Do you get extra like tax credits, or any state benefits?

We have a larger salary than that by quite a bit and werent offered anything like £245,000 through a broker. I know circumstances differ but still. Hope you find something

Thrugelmir

Sensible advice would be to sell the property and downsize to a more suitable property.

Santanders decision is based on risk. Loyalty has no bearing when lending money.

Balto100

Hi Guys thanks the payments are £968.00 now. We have the house on the market and despite it being in a nice area have only had three viewings so we have resorted to getting in a lodger who is happy to stay until we sell. I didn't think there was much we could do but thanks anyway.:-))