Should I move from A&L to Santander

Scrum8

I have a two part A&L life time tracker mortgage an old rate of 0.99 above BOE base rate and one at 3.64. I have been offered a santander tracker at 0.99 above boe base rate . Is it wise to move from A&L to Santander, I understand that Santander bought A&L? I would appreciate advice

Thrugelmir

A&L no longer writes new mortgage business. Santander appear to be treating you extremely fairly and wish to retain your custom. So if the rate applies to both old products you are quids in.

Scrum8

I have the same impression as you point out, many thanks

achiddas

I have just been offered the same deal and I am still finding it too good to be true that they would even consider this, but they have and the application info is in the post. Going to have a friendly advisor have a good look at it though as there must be a catch somewhere.

ri17

Yes currently porting my lifetime tracker from a&l at 0.75 above the base rate. Again they have to keep the new lending at he same rate so our extra on top of the mortgage is also he same v low rate.

Be warned though we're into the 7th week and should finally be hearing if they've approved our mortgage tomorrow!

drdpj

No catch. We ported a BOE+0.99% tracker rate earlier in the year with additional borrowing at the same rate. Obviously had to meet affordability, but it was all (apart from the rather intense phone interviews) a very smooth process. I didn't quite believe it until I had the offer with key facts in my hand.

Thrugelmir

achiddas wrote: »

I have just been offered the same deal and I am still finding it too good to be true that they would even consider this, but they have and the application info is in the post. Going to have a friendly advisor have a good look at it though as there must be a catch somewhere.

Santander commercially want to run off the old A&L mortgage book as quickly as possible. Offering you the same deal is one method of doing this. As people in your position may simply sit it out until the mortgage is repaid.

ri17

If you have your old kfi you could look as its in mine that they have to do the same rate and additional borrowing at the same rate if we port