What are Santander offering for existing customers coming to end of deal?

sitesafe

I'd be very interested in hearing what deals Santander have offered existing customers about to reach the end of their current fix? Unlike most of the other banks Santander don't publish these rates for all to see. Whilst I realise they are going to depend on an individual's circumstances regarding balance and term etc, aren't most banks (yet they publish their rates)?

I don't want to go and phone them or apply online yet as I'm not sure about going with 'the advice' or 'without advice' options and what this means yet.

Just for now, curious to hear what others might have been offered and whether they would be willing to share the info.

I will owe 43471 with 11 years left and be on 4.74 SVR when current deal ends. Approx 34% ltv. Anyone in a similar situation?

thank you

alright_dave

I'm in a similar position, either log in on their website and they have all the deals available to you, or just phone them, I've done both and had a long chat with the 'advisor' at the other end, was a nice guy, went through my options, no pressure at all, and at the end just said I'll look elsewhere before committing.

Mortgage: £75,000
LTV: 48%
Term: 23 years

Offered via the phone 2.02%, no fees, no early repayment fees up to 10%. That was about 3 weeks ago

Looked yesterday online: 1.99%, no fees, 3% early repayment fees.

My deal ends early July, still yet to make up my mind, was told it takes 14 days to get paperwork sorted, but you get the new deal from the day you take it.

Maybe useful info, upto 3 months before your deal ends you can move to a new deal without any fees too.

sitesafe

alright_dave wrote: »

I'm in a similar position, either log in on their website and they have all the deals available to you, or just phone them, I've done both and had a long chat with the 'advisor' at the other end, was a nice guy, went through my options, no pressure at all, and at the end just said I'll look elsewhere before committing.

Mortgage: £75,000
LTV: 48%
Term: 23 years

Offered via the phone 2.02%, no fees, no early repayment fees up to 10%. That was about 3 weeks ago

Looked yesterday online: 1.99%, no fees, 3% early repayment fees.

My deal ends early July, still yet to make up my mind, was told it takes 14 days to get paperwork sorted, but you get the new deal from the day you take it.

Maybe useful info, upto 3 months before your deal ends you can move to a new deal without any fees too.

Many thanks Dave - those rates look good but before I get too excited I'd need to check if your existing mortgage deal is with Santander or are you a new customer? Only someone was on here the other day saying that as an existing customer they had to pay hefty fees yet new customers weren't charged these?

Also, are these rates for a fix and if so how long for? thank you

alright_dave

I'm an existing customer. It was a 2 year fix.

Like I said, just log on and it gives you everything you need then and there.

you need account number, date of birth, your monthly repayments and postcode and that's it.

I wouldn't sign up to the first deal that came along, visit a broker and speak to somebody who knows what they're doing.

alright_dave

Regarding fees, I've just looked again, and everything is no fee apart from their lowest interest rate, 1.69% but £999 fee (2 year fix). So it's cheaper to go for the 1.99% with no fee (2 year fix).

2 year fix £999, 1.69% - 3% overpayment
2 year fix, no fee, 1.99% - 3% overpayment
3 year fix, no fee, 2.49% - 3% overpayment
5 year fix, no fee, 2.49% - 5% overpayment
7 year fix, no fee, 3.19% - 5% overpayment

sitesafe

alright_dave wrote: »

I'm an existing customer. It was a 2 year fix.

Like I said, just log on and it gives you everything you need then and there.

you need account number, date of birth, your monthly repayments and postcode and that's it.

I wouldn't sign up to the first deal that came along, visit a broker and speak to somebody who knows what they're doing.

Thanks Dave that's very useful - I will post whatever I'm offered - whilst i realise they say it's specific to the individual it might give someone of similar circumstances a rough idea.

Last question (promise!) did they ask you about affordability or were they happy to offer you the deal without having to give all that info again? tvm

many thanks

alright_dave

They weren't bothered about that stuff, it was a case of we'll send you over the paperwork, sign it, send it back and it's all sorted.

I did ask about making changes to my mortgage, as I did want to bring my years down, and keep the payments the same, (knock about 8 years off). and they did say they would need to go through all the affordability checks again.

If you're keeping everything the same, It's a case of sign the paperwork and that's it.

Ask as many questions as you like.

Heisenbug

I found the products offered on the mortgage transfer service were considerably worse than those listed for new products, as much as a £999 fee worse. I was told nothing could be done but I assume everyone's mileage will vary as those were the rates being offered to me. I'm in the process of applying elsewhere.

At the lowest LTV new customers could get 1.89% on a 2yr fix with no fee or 1.59% with £995 fee so there does seem to be a pattern of new customers getting better rates.

sitesafe

alright_dave wrote: »

They weren't bothered about that stuff, it was a case of we'll send you over the paperwork, sign it, send it back and it's all sorted.

I did ask about making changes to my mortgage, as I did want to bring my years down, and keep the payments the same, (knock about 8 years off). and they did say they would need to go through all the affordability checks again.

If you're keeping everything the same, It's a case of sign the paperwork and that's it.

Ask as many questions as you like.

Thanks Dave - when i did an annual 10% overpayment they allowed for it to reduce the term with no consequences which brought it down by two years - maybe try that

sitesafe

Heisenbug wrote: »

I found the products offered on the mortgage transfer service were considerably worse than those listed for new products, as much as a £999 fee worse. I was told nothing could be done but I assume everyone's mileage will vary as those were the rates being offered to me. I'm in the process of applying elsewhere.

At the lowest LTV new customers could get 1.89% on a 2yr fix with no fee or 1.59% with £995 fee so there does seem to be a pattern of new customers getting better rates.

Thanks Heisenberg - and this was for the lowest LTV! this is what has bothered me with Santander in the past - no loyalty for existing customers - I guess I will have to try it out for myself and see.

alright_dave

sitesafe wrote: »

Thanks Heisenberg - and this was for the lowest LTV! this is what has bothered me with Santander in the past - no loyalty for existing customers - I guess I will have to try it out for myself and see.

People can't be bothered with the hassle of moving, that's why they can afford to not give you the best interest rates. They rely on laziness to keep your business.

I look at it like this, Why would you stay loyal to a business who shows no loyalty back? I'm constantly moving my money around to the best accounts.

Just to let you know, I spoke to a mortgage broker today, he reckons an offset mortgage would be best for me, and he found a deal at 1.59%. Still undecided on what to do though.