Santander Mortgage Renewal letter

tsvp

Hello,
Its mortgage time for me once again, and yet I still am confused as ever as to what to do and search all over the forum for advice.
My current deal with Santander finishes at the end of October.
I got a letter from Santander stating that if I renew with them before the 22nd of August they will:

"waive the early repayment charge on your current deal so you don't have to wait until your current deal ends to transfer to a new one"

Should I bother renewing this just now or wait until nearer the end of October - 1. because I don't know what this early repayment charge thing is all about and likely wont take advantage of whatever it is and 2. with the interest falling ever so slightly last week I presume a better fixed rate might be available soon?

amnblog

Look outside of Santander as other lenders may give you a better offer.

tsvp

OK thanks for the advice.
I presume this "waive early repayment charge" is a load of nonsense then and I should either look elsewhere or just renew nearer the time.

minimike2

It's to try and lock you into a new deal now, which you would have to wait until 1st November to do with another lender. Essentially a tactic to stop you looking elsewhere.

Thrugelmir

tsvp wrote: »

I presume this "waive early repayment charge" is a load of nonsense then and I should either look elsewhere or just renew nearer the time.

Not nonsense. It may possibly save you money. Worth seeing what the options available are. Then you can make an informed decision. Rather than mindlessly speculate.