Santander Fixed Rate Repayment fee

walker_dave

Hello,

I have a fixed rate mortgage with Santander. The rate expires on 3rd November 2017. We are moving house and will probably complete a month before the rate expires. The outstanding mortgage is about £40,000.

We will need to take out a new increased mortgage. If we stay with Santander there is no fee for repaying the mortgage a month early as we will transfer to another fixed fee mortgage.

However, we can get a better rate elsewhere but will be charged a fee for repaying the fixed rate a month early. Santander tell me this fee will be £1,999 even if we repay a day early.

Does anyone here know if they are right? It seems very unfair to charge such a huge fee when we are so close to finishing the fixed rate. We could delay the house move but this will annoy everyone else in the chain. I have heard that there is no charge on some fixed rates if you are within 56 days of the end of your fixed rate.

Thank you for your help,

Dave

amnblog

Yes, that's the way it works.

Worth your while waiting a month.