Santander Mortgage Rates

adamcarvell

getmore4less wrote: »

Having a longer term but paying as if it was a shorter term helps avoid financial crisis.

Having the shorter term just makes the crisis more likely as it is triggered sooner when there is an income issue.

if i leave it at 16 years payments are roughly £50 a month cheaper i suspose we could then shorten the term after the 5 years are up if rates are not too high.

getmore4less

Check the T&C's carefully but I would have though there should be no ERC as the result of a contractual payment clearing a mortgage.


(AIUI, that's the way loans are now structured no charge for early repayment if it is the contractual payment that clear the loan)

cbrpaul

I have called Santander and can share the rates that I was given


I hope this is of help to some , I am a A&L customer whos 5 year fixed rate ends soon.



Tracker rates
2 year tracker 1.44% above = 1.94% current £799 booking , no ties


Life time tracker 1.99% above =2.49% current £499 booking fee no ties

Fixed rates
2 year 2.19% fixed £799 booking fee 3% ERC


2 year fix 2.49 no booking fee tie 3% ERC


3 year fix 2.79% no booking fee 3% ERC


5 year fix 3.19% booking fee £799 5% ERC


5 year fixed 3.39% no booking fee 5% ERC


10% over payment per year only on fix rates only

adamcarvell

same rates offered to me the 3.19 % 5 year fix booking fee of £799 doesn't make sense to me works out at over £13 a month if you divide by 60 . the 3.39% works out cheaper for me.

gjchester

cbrpaul wrote: »

I have called Santander and can share the rates that I was given


I hope this is of help to some , I am a A&L customer whos 5 year fixed rate ends soon.

Sound like you have the same deal as us.


There's also a £100 transfer fee to move from a A&L mortgage to a Santander deal.


You also may want to consider taking out a Santander 123 current account to get cashback on the mortgage payments, even if you have a A&L mortgage they give cashback on those too (wish I'd known that earlier!)

cbrpaul

gjchester wrote: »

Sound like you have the same deal as us.


There's also a £100 transfer fee to move from a A&L mortgage to a Santander deal.


You also may want to consider taking out a Santander 123 current account to get cashback on the mortgage payments, even if you have a A&L mortgage they give cashback on those too (wish I'd known that earlier!)

At first she told me I had to pay a £125 transfer fee , then halfway through the call she said " oh no you don't need to pay the transfer actually as you have a Santander account already "


So that fee was waived for me.




Conclusion:
Combined with the Santander booking fees, the lack of interest calculated on a daily basis , a max of 10% per year over payments only ( I want the option of paying more , you never know !!) , and a ERC of 5% , one of the highest I have seen, I will be going elsewhere.
I will also close my Santander bank account and move all DD debits over to the new provider , I will also get £100 for doing this


Took me 45 mins to move to another provider , over the phone , docs in post , signed ,returned, deal all booked for free , valuation free , solicitor free, very easy , never left my house.

adamcarvell

would i be better off keeping my term at 16 years and pay about £480 or reduce to 14 years and pay the same as we are paying now which is £538.
or keeping the term at 16 years overpaying the £50 every month = £538 a month which is best option?.

adamcarvell

cbrpaul wrote: »

At first she told me I had to pay a £125 transfer fee , then halfway through the call she said " oh no you don't need to pay the transfer actually as you have a Santander account already "


So that fee was waived for me.




Conclusion:
Combined with the Santander booking fees, the lack of interest calculated on a daily basis , a max of 10% per year over payments only ( I want the option of paying more , you never know !!) , and a ERC of 5% , one of the highest I have seen, I will be going elsewhere.
I will also close my Santander bank account and move all DD debits over to the new provider , I will also get £100 for doing this


Took me 45 mins to move to another provider , over the phone , docs in post , signed ,returned, deal all booked for free , valuation free , solicitor free, very easy , never left my house.

who with may i ask ?.

getmore4less

adamcarvell wrote: »

same rates offered to me the 3.19 % 5 year fix booking fee of £799 doesn't make sense to me works out at over £13 a month if you divide by 60 . the 3.39% works out cheaper for me.

£72000 14 years paying £538pm after 5 years(add the fee)
3.19% £50423
3.39% £50156

adamcarvell

getmore4less wrote: »

£72000 14 years paying £538pm after 5 years(add the fee)
3.19% £50423
3.39% £50156

fee is £100 as im on a a&l mortgage to swap product.