Really frustrated with Santander

eve824

Last year we took out a 2 yr fixed mortgage with Santander, as we weren't expecting to move anytime soon.
The stamp duty announcement changed our minds on that. So looked at porting our existing mortgage, however despite both of us having payrises and me having a promotion during lockdown they have cut back what they can lend us. Plus, they are now not taking regular bonuses into account, at all. Halifax would offer us £60k more, Natwest £50k etc etc. 

£15k early redemption fee with Santander, so we have no choice really but porting our mortgage but it's the last time I go with Santander for anything.

EverythingIWant

Frustrated with Santander because they are operating as mandated by their lending policy? You signed the line, it’s hard to blame Santander because you wish to move sooner than you first thought..

ElizabethRose

I'm sure this won't be unique to santander. Lenders constantly change their lending criteria and early repayment charges are normal and on all the paperwork you sign.

One option would be to port your santander mortgage and look into the possibility of a second mortgage. I suggest you speak to a broker to see if this is even possible. 

Thrugelmir

eve824 said:

£15k early redemption fee with Santander, so we have no choice really but porting our mortgage but it's the last time I go with Santander for anything.

Lenders are commercial organisations not charities. Given the current economic situation. They'll be questioning the sustainability of non contractual employment income. Likewise when you apply for a product read the small print.  ERC's have been around for decades. Nothing new here. 

eve824

Just to be clear, I am not complaining about the ERC which I signed up to. More so that all other banks are offering us £50k - £60k more than Santander are for our salaries. But thanks to Elizabeth for the helpful advice for looking at a second mortgage. I will mention to my broker.

Thrugelmir

Lenders aren't in competition with each other to lend the most. Each will set their own internal criteria as to the type of business that they wish to underwrite at any point in time. Has never been any different. Mortgages are not cans of baked beans.