Santander Mortgage Rates for University Staff

Dave80s

Hi there, does anybody know what mortgage deals/rates Santander offer University staff? I've spoken to the branch manager who insists I 'come in for a chat'. I just want to know if I am wasting my time or not!

Thanks, Dave

Nick_C

Same rates they offer to anyone else. AFAIK, they don't offer special rates for uni staff. Generally though, I think their lifetime tracker at base plus 2 pc is very attractive.

You can compare mortgage rates at money advice service.

~Beanie~

Santander do offer 'exclusive mortgages for university staff, which are only available at university branches'.

I work in a university and the above quote is from an email that we received from them. Unfortunately it didn't mention interest rates, just said we needed to make an appointment to speak to them.

Nick_C

Thanks for that. We are in the process of trying to get a mortgage from Santander right now. My OH is an associate lecturer, who has been working for 6 years on a series of short term contracts. Santander are proving most unsympathetic. They don't seem to understand the nature of the work. They keep asking the same questions over and over again. Its driving us mad. They didn't say anything about special rates for Uni staff, but we are dealing with a regular town centre branch.

Thrugelmir

Nick_C wrote: »

who has been working for 6 years on a series of short term contracts. Santander are proving most unsympathetic. They don't seem to understand the nature of the work.

Short term contracts are just that. Not the basis for a long term lending arrangement.

Nick_C

Thrugelmir wrote: »

Short term contracts are just that. Not the basis for a long term lending arrangement.

But even a permanent contract is no guarantee that you will still have a job in 6 months time. I would have thought that 6 years working for the same employer on a series of short term contracts would have provided evidence as to the ability to repay a mortgage. After all, self employed people can get mortgages just by showing their income for a three year period.

Are you saying ALs can never get a mortgage?

Thrugelmir

Nick_C wrote: »

But even a permanent contract is no guarantee that you will still have a job in 6 months time. I would have thought that 6 years working for the same employer on a series of short term contracts would have provided evidence as to the ability to repay a mortgage. After all, self employed people can get mortgages just by showing their income for a three year period.

Are you saying ALs can never get a mortgage?

Lenders set their own terms. My point was generic. As it's a way of thinning down mortgage applications. Mortgage lending is priced as low margin and with returns to proper underwriting standards the bar has been raised. MMR places huge responsibility on the lenders , there'll be no repeat of the PPI scandal that's a certainty.

If self employed people complete 3 years of trade they are normally well established. Same applies to Limited Companies. Failure rate is greatest in first 3 years. Often taking this long to make a profit.

Nick_C

I don't want to see a return to irresponsible lending. I was shocked after our initial interview to be told we could afford to borrow £240K. I wouldn't sleep at night if we borrowed that much! We are trying to borrow £100K towards the purchase of a £348K property; LTV of less than 30%. If Santander give us a mortgage, their money is totally safe.

We are still waiting for a final decision.

Dave80s

If anyone knows the rates they offer and would be willing to tell, then I would appreciate it!

Dave

Nick_C

Just got a call from Santander - they have approved our mortgage! I didn't get a great impression of the underwriting team, but the Mortgage Advisor in our branch fought for us, and ensured a sensible decision was made.

Just to recap, my partner is an Associate Lecturer and has worked on short term contracts for the last 6 years. I am 57 and living on a private pension. Loan is £100K, LTV is less than 30%. We are getting a lifetime tracker at 2% + base rate.

Santander, you're the best!