Mortgage deal ending but while I'm on unpaid maternity leave

Michb90

As the title says. Mortgage deal ends 2nd April. I am on maternity leave until 30th March. My SMP stopped in December. So I am now completely unpaid until I go back to work in March.

Spoke to a broker who said I don't need 3 months payslips if not wanting to borrow more or switch lender.

Of course we want the best deal available but circumstances restrict us at present.

Broker said to let him negotiate a deal with Santander. Just wondering if a broker is likely to get us a better deal or if it's something I can negotiate myself with the same outcome as the broker, minus the broker fee!

Also has anyone arranged a mortgage in similar circs? Any advice welcome.

Thanks

Mortgage_Adviser

There are lenders who would be happy with your circumstances. Their deals may be better than what Santander has for exiting customers or may not be.
Without knowing the full info regarding all your circusmatnces it is impossible to say if you are better staying with Santander or remortgaging elswhere.

Michb90

Well when I spoke to the broker he was saying to stay with Santander, but that he would approach them on my behalf. So my main question is whether the broker would have 'access' to better rates than if I did approach them myself?

At present our rate is up in the 3% range I think so I'd be happy to get a better rate for now until I'm back at work etc

Verix

It's likely to be the same rate you can arrange yourself. There would be other lender options if you're returning to work before the product end date so might be worth going away from Santander, however if this broker is suggesting that's not an option there may be a reason or you may want to find another or shop around yourself.

MortgageMamma

I've recently placed a case where my client isn't returning until the end of this month, the only requirement was that the lender had a letter from my clients employer stating the date she would be returning to work and the terms of her contract salary etc.

There is no reason why you can't do a product transfer with Santander yourself if you want to stay with them, but other lenders are available to you if you could spare a few hours for researching/applying etc.

LRmortgage

Just to say. There is no “negotiation” with Santander.
They will offer you a rate directly or through the broker but it is what it is. They do not negotiate.

starM

You can view the deals available online here

https://mortgage.santander.co.uk