Santander Mortgage Rates

adamcarvell

well when i factor in the costs of changing lender it makes sense to stay with my current one less hassel with credit checks etc as only recently i was refused credit from dell but found nothing wrong on my equifax credit report but thats another story. i have until april the 1st to decide but if i can get a rate slightly cheaper all the better i will proberly phone them up again later this week. but i read 5 year rates are rising and some deals removed i just googled 5 year fixed rates news .

Mokka

I found dealing with most of the first contact staff in banks extremely frustrating. The best advice I can give is to give the first contact staff as little info as is at all possible and request a meeting with a mortgage advisor. Make sure they are qualified to give MORTGAGE ADVICE, otherwise you might end up talking to a second tier first contact person who is unlikely to be helpful.
Funnily enough the front of house lady in Santander with whom I spoke was actually very helpful, but she was definitely an exception to the rule.

getmore4less

Santander seem to be offering some very good deals, in some cases improving peoples current good deals with even better ones.

https://forums.moneysavingexpert.com/discussion/4877270

adamcarvell

is that lifetime tracker worth thinking about?. we dont want our payments going above £538 which we have payed for last four years and could for the next if we fix for five years at 3.29%. but the life time tracker on £72000 over 14 years works out to £508 a month a saving of £30 but for how long?. could we over pay the £30 how would that work?.

getmore4less

adamcarvell wrote: »

is that lifetime tracker worth thinking about?. we dont want our payments going above £538 which we have payed for last four years and could for the next if we fix for five years at 3.29%. but the life time tracker on £72000 over 14 years works out to £508 a month a saving of £30 but for how long?. could we over pay the £30 how would that work?.

Is anything going to change over the next 5years that makes paying over £538 possible?

If not then what's the plan then?

Overpaying protects from the rises by reducing debt, one option would be to extend the term, but still pay the highest amount you can.

[STRIKE]

Check you numbers £74k over 14y @ 3.29% 5y fix is £550pm.
[/STRIKE]

Edit : Duh no idea why I put £74k.

adamcarvell

its 72k we owe my other half pays the mortgage we are not on great wages so to speak and she likes the security of knowing what her budget is and dont want any increases however im thinkinh how that tracker might suit us. not increasing term im looking at reducing it from 16 to 14 years it was 30 when we moved in 7 years ago like it gone by the time im 60ish.

getmore4less

adamcarvell wrote: »

its 72k we owe my other half pays the mortgage we are not on great wages so to speak and she likes the security of knowing what her budget is and dont want any increases however im thinkinh how that tracker might suit us. not increasing term im looking at reducing it from 16 to 14 years it was 30 when we moved in 7 years ago like it gone by the time im 60ish.

The contractual term determines your lowest payment, the amount you pay determines the actual term.

Longer contractual term gives flexibility.

looking at the 3.29% paying £538pm is a debt of £72350

and the tracker paying 508 would be (2.416%?)

paying £538 on both after 5 years
£50233 fix
£47356 tracker

say rates stayed same(low) for 2 years
£63937
£62713

to break even(50233) on the tracker after 5 years rates could rise to 4.05% considerably more than the 3.29%

That's the power of a £30 overpayment for 2 years on a 5 year deal

cbrpaul

Interesting thread regarding Santander,

I am currently on a old A&L fixed rate at 3.99% , expires in April 2014., i was wondering to call Santander and ask what they can offer me.

i want fixed rates , I have found a 5 year fixed for 3.29% no fees and have been accepted for it.

I wonder if its worth calling Santander to ask what they can offer me ?

Looking at this thread it seems it will depend on their customer model

adamcarvell

cbrpaul wrote: »

Interesting thread regarding Santander,

I am currently on a old A&L fixed rate at 3.99% , expires in April 2014., i was wondering to call Santander and ask what they can offer me.

i want fixed rates , I have found a 5 year fixed for 3.29% no fees and have been accepted for it.

I wonder if its worth calling Santander to ask what they can offer me ?

Looking at this thread it seems it will depend on their customer model

well im on fixed rate expires in april too mine was 4.79% they offered me 5 year fixed for 3.29% no fees and have been accepted for it. got paperwork at home but not signed as of yet. call them up see what you get offered

loulala1

Hi All, I was given a really good rate yesterday from Santander. 2.49% fixed for 2 years on a repayment mortgage.

I think it may be worth you all calling again. Best of luck to you all xxx