Santander or Halifax?

muhandis

Hi,

We're getting a 75% LTV residential mortgage, fairly straightforward circumstances and property, looking for a 5 year fix. No affordability or credit history concerns.

We have had an offer accepted, our broker did all the research and has come up with two options (both at the top of the MSE buy tables for 5 year fixes) - Santander and Halifax.

The true cost difference per year is just £20, and the broker says that there is no other significant difference between the two offers so it's down to us to pick one so he can go ahead with an AIP. He said both AIPs are soft checks too.

If he was forced to choose, he himself would recommend Halifax due to speed of valuation and underwriting but that Santander is good too.

I'm confident that we're getting a good rate as it's backed up by the MSE comparison tool and our broker seems quite competent as well.

However, I was wondering if the brokers on this thread have any thoughts on Santander v Halifax? I'm unsure as to what I'm supposed to be considering when choosing between the two.

Thanks,

K

amnblog

The Broker has said there is no significant difference but if pushed would go with Halifax.

You have your answer there have you not.

LRmortgage

In general I would agree with your Broker, Halifax tend to be easier / quicker than Santander...

datlex

I found Halifax good. Also when you get their valuation they have more options than just the valuation survey. You can also get a level 2 survey as part of the valuation- for me was £365. You will always have to pay the valuation fee- £200. https://www.halifax.co.uk/mortgages/mortgage-information/valuation-schemes/ You will probably also want to get a survey. Getting the two separately is additional costs.
I also found when I had my mortgage appointment with them, they didn't just approve the original 22 years I asked for but looked at whether I could afford to pay more and hence pay off over a shorter period of time. (I am not sure however whether you still have to sit down with them if you use a broker). The lady who dealt with mine was very helpful and communicative.

Lumiona

Would you get a Santander current account for bills? They give you 1% cashback monthly on a Santander mortgage.

poppy10_2

Santander consistently come bottom or near the bottom of surveys for customer satisfaction. If the price is the same is go for Halifax every time.

robatwork

Do you bank with either of these institutions?

muhandis

Thanks all, opted for Halifax all considered.

Over the phone, the broker told me that he needed us to confirm a preference for Halifax because on a true cost basis it was nominally more expensive than the Santander option. Apparently his compliance people are very nit picky in this regard.