Had my Santander mortgage a year now..

PetayPan10

Ok so me and my partner bought a house last year, took out a loan of
£84,550,00 over 35 years under a repayment method. We have a fixed rate of 4.99% until May 2016, after that interest will go to Santanders variable rate was currently 4.74%

Total ammount we must pay back is £174,621,86p, we pay back £2.07 for every £1 borrowed overall cost comparission is 4.9%APR

We currently pay back £426.17 per month and that will go down to £413.35 after May 2016.

I am wondering if this sounds right? And is there way I can get a better deal? I have no idea about this sort of stuff. Any advice and help is appreicated.

Thanks

Foxy-Stoat_3

You may be able to get a better deal after May 2016 if you shop around.

PetayPan10

Where would I start? Should I just take my mortgage details into banks etc?

Have I been ripped off initially? People tell me I am paying alot.

Cheers for your reply

Thrugelmir

Helping yourselves is your first priority. To save interest. Make overpayments on the mortgage. 35 years is a long term for a mortgage. That's why the amount you'll repay in total is so much.

Foxy-Stoat_3

The people who have told you that you are paying alot....do they have access to all of your financial and personal information? I thought not, I wouldn't pay too much attention to them.

How did you get the deal you are on last year, broker, shopped around or just went with your current bank?

You can look at price comparason sites to see what the interest rates are of different banks and start looking March next year.

If you want to switch deals now then you need to know the total cost of switching and early repayment charges.

betmunch

PetayPan10 wrote: »

Have I been ripped off initially? People tell me I am paying alot.

Cheers for your reply

Who said your paying a lot?
What mortgage related qualifications did they have?
Did they complete a factfind with you at the time you applied?

PetayPan10

Foxy-Stoat wrote: »

The people who have told you that you are paying alot....do they have access to all of your financial and personal information? I thought not, I wouldn't pay too much attention to them.

How did you get the deal you are on last year, broker, shopped around or just went with your current bank?

You can look at price comparason sites to see what the interest rates are of different banks and start looking March next year.

If you want to switch deals now then you need to know the total cost of switching and early repayment charges.

Yes I got the mortgage through a broker, my bank natwe at turned us down even though they said I would be accepted by them for ages, so in a panic went to a broker.

Foxy-Stoat_3

In that case your Broker would/should of got you the best deal last year.

Have a shop around early next year.

amnblog

Everyone has a better mortgage rate than you just like everyone got a better deal on their holiday and paid less for their carpet.


Get on with your life and review the situation next year.


1. Santander are always competitive on rates.
2. As a result they wont let you change without a hefty charge anyway.

barbedhook

A lot of people are paying more than you in rent. At least you are buying. Ask santander for a better deal next year. When you have no early repayment charges .you will be in a stronger posion then good luck

dimbo61

Want to earn 4.99% Tax free ?
Then overpay your mortgage every single month from now till May 2016
£500 a month would be a good start and an extra £6000 paid off the mortgage might get you into a better ltv when you come to remortgage.
£6000 overpaid this year will save you more than £12,000 over the next 34/35 years.