Different mortgage rates

Corkie

I have just found out that my friend and I have the same mortgage company (Santander). Our mortgages were taken out approx 11 years ago and their mortgage is £60,000 more than mine but I am paying an extra £900 a month. Can I ask Santander to change my interest rate?

[Deleted User]

No. Your friend's mortgage isn't linked to yours in any way.

You're free to remortgage, subject to the usual fees and any ERC.

Caz3121

Corkie wrote: »

I have just found out that my friend and I have the same mortgage company (Santander). Our mortgages were taken out approx 11 years ago and their mortgage is £60,000 more than mine but I am paying an extra £900 a month. Can I ask Santander to change my interest rate?

monthly payments can vary based on the interest rate and the mortgage term
We pay twice as much as someone with the same mortgage amount, same LTV etc but ours will be finished 13 years earlier.
Nothing to stop you looking for a better deal either with Santander or another lender

AnotherJoe

Corkie wrote: »

I have just found out that my friend and I have the same mortgage company (Santander). Our mortgages were taken out approx 11 years ago and their mortgage is £60,000 more than mine but I am paying an extra £900 a month. Can I ask Santander to change my interest rate?

£900 is pretty extreme !! is there an extra zero there? Or does he have a 35 year interest only mortgage and you have a 15 year repayment? Something doesn't sit right. Have you possibly just drifted onto the standard variable rate without noticing? What is your interest rate and did you ever remortgage?

muhandis

A difference the size of £900/month for similar sized mortgages could be due to one of the following -

- your mortgage having a significantly shorter term than your friend's or your friend ha.

- your friend being on an interest only or part repayment/part interest only mortgage.

- you being on SVR while your friend remortgaged to a much lower interest rate

Corkie wrote: »

I have just found out that my friend and I have the same mortgage company (Santander). Our mortgages were taken out approx 11 years ago and their mortgage is £60,000 more than mine but I am paying an extra £900 a month. Can I ask Santander to change my interest rate?