What rates are Santander giving existing customers

lonestarfan

I've got a fixed rate with Santander coming to the end in Feb. My mortgage is interest only with 15 yrs left and LTV is below 60%.
How are they handling rates now? Is it very individual? The website won't give me rates. Should I expect a nasty surprise as I've got the impression from these boards that they don't really want to keep mortgage business.
Anyone got any recent experience before I ring them?
TIA.

betmunch

My understanding of Santander retention products is that they offer them on an individual basis.

The people they want rid of are told there are no retention products available to them.

I had two clients last year that I advised to get a new deal from Santander directly. One got a cracking 5 year fix, the other (with 2 missed payments on a Next Account) was told there was nothing they could offer him. Both around the same LTV.

kingstreet

Yep. You get what they want to offer you.

This may be improved if you open a 123 Account, apparently.

lonestarfan

What customer are they trying to get rid of? Would it be interest only customers?
I don't think I've missed any payments on any credit certainly never my mortgage as its direct debit. Where will they look - which agency should I check to make sure first before I ring them and do I have to pay ? Is it online so I don't have to wait for reports sent to me in the post?
Thanks a lot.

kingstreet

Yes, interest only is one of their favourite dumping areas, for what I've seen on here in the last couple of years.

Just ring the lender and see what they'll offer you. You might faffing around only to get told it's SVR or nothing either way...

lonestarfan

kingstreet wrote: »

Yes, interest only is one of their favourite dumping areas, for what I've seen on here in the last couple of years.

Just ring the lender and see what they'll offer you. You might faffing around only to get told it's SVR or nothing either way...

I'm posting this in case it helps anyone. Santander offered me svr 4.74% and some fixed rates of 4.49% or 4.69% for 2 yrs or 4.74% for 5 yrs all with a range of fees. I asked about my LTV which I believed to be 50%. They said its 50.40% so if I make a small cap repayment to bring it to 50% then I could get better rates. But they won't give you the val they are using but they would tell me how much to pay which was £1k so I could then work it out anyway. The valuation they are using is from a wide range of sources apparently and then they account for depreciation so the valuation is quite low that they are using but thats fine by me as I understand they must now be conservative. So I got rates then of fixed 2yrs 2.49% (low fee), 2.19% (high fee). 3yrs 2.79%. They say everything is individual so this info might not help anyone but I hope it can. Best wishes.

lonestarfan

Forgot to say I wasn't sure whether to take a 5 yr fixed at 3.39% with a fee of £100. Is that a good 5 year fixed rate?

Keekles

You've been offered 4.49%, 4.69% and 4.74%; with the latter being on a 5 year deal. There's also an offer on the table of 3.39% with only a £100 fee..?

I'm hoping you meant £1,000 and typo'd otherwise I'm not sure what the issue is.

lonestarfan

Keekles wrote: »

You've been offered 4.49%, 4.69% and 4.74%; with the latter being on a 5 year deal. There's also an offer on the table of 3.39% with only a £100 fee..?

I'm hoping you meant £1,000 and typo'd otherwise I'm not sure what the issue is.

I didn't mean to give the impression there is an issue. I just wanted to tell others that they have said if I pay a capital repayment of £1000 (£1k) to bring it down to 50% ltv they will give me much better rates of 2.49, 2.69 or 3.39.
I'm now just thinking should I go for the 2 yr or 5yr fixed.
That is now my issue I suppose or my question to pose.
Whereas I only really posted all this info in the spirit of sharing all my info gained in case it was of use to someone else.