Can we ask for slight change to our terms?

alexb123

We have had a Santander mortgage for 2 years. London & Country our mortgage adviser are working for us. The mortgage is now open for renewal.

For a complex set of reasons we actually want to keep our mortgage with Santander but we want to change our over payments terms. From 10% to 20% (or higher). If they can't do this, then we will need to make a new application elsewhere.

Has anyone heard of people being able to make such a change to their terms?

Thanks

kingstreet

When your current product/rate ends, you can pay as much as you want. When/If you take a new product, you will be bound by the terms of that product.

You can't say "I'd like XYZ product, but I want to be able to make double the overpayments, or I'll leave."

BoGoF

If you are looking for a fixed rate deal I can't see them making an exception to the overpayment terms.

ACG

As above really.
In essence it is basically take it or leave it.

If you stay on the SVR rate (unlikely as the rate is likely a bit of a jump) then you can normally overpay as much as you like.

Thrugelmir

alexb123 wrote: »

For a complex set of reasons we actually want to keep our mortgage with Santander but we want to change our over payments terms. From 10% to 20% (or higher). If they can't do this, then we will need to make a new application elsewhere.

Ask to shorten the mortgage term. Then by default you'll be paying a higher fixed amount every month.

alexb123

Thanks for the replied Making the terms shorter is actually what we wanted to do. Do you think they'd

kingstreet

alexb123 wrote: »

Thanks for the replied Making the terms shorter is actually what we wanted to do. Do you think they'd

Subject to evidence of affordability, yes.

alexb123

Okay great That's exactly what we wanted.

Mortgage_Adviser

Do beratr in mind that shortening the mortgage term may as well mean a brand new mortgage application from scratch with all the pain to come with it such as credit searches, numerous paperwork, appointments etc.
This is at least how it was in a different high street bank I sued to work for

Raven42

Put the excess into a high interest savings account and wait for the deal you're signing into to end and then pay it down once you're out of the deal term.

The banks give the fixed rate to secure them an income as well (interest you pay) if they allow you to pay that down at 20% rather than the 10% offered by rule they'll need to up the rate slightly to ensure their income.It's very fair and often worth doing for all parties.

hayleylouise1991

look at offset mortgages if you want to pay over the usual 10% overpayments.
metro bank do a standard 20% overpayment facility, but all other high street lenders limit to 10% without incurring a cost.