Santander Follow On Rate?

Stonesmike

My fixed term with Santander finishes on the 2nd September, would I be right in saying that once the mortgage goes onto their follow on rate, that I can pay off the mortgage in one final payment and apart from transaction fees, there will be no early repayment charges?

Is there anything I should be aware of, if I am right in what I am saying.

Stonesmike

Forgot to add, there is a good chance I am going to be made redundant and need to get my calculations and facts right. 🙈☹️

Stonesmike

Oh well, fingers crossed.

A_Frayed_Knot

Once your mortgage goes to SVR, I am sure you are allowed to clear it off without any penalties, but best check with them.
If you don't pay it all off, then I imagine your interest will shoot up and added to your mortgage, so you would need to contact them for a final figure settlement (which you would probably need to do anyway) as interest will probably added on each day.
Nice position to be in, sorry you may be made redundant.

Stonesmike

Thanks, reckon I will be okay, but thanks for coming back to me. 👍👍

Stonesmike

Phoned Santander this morning, sent me a link by email and now mortgage free.

So easy, happy days. 😂😃💰🤪

A_Frayed_Knot

Well done and congratulations    

What's your plans, now?  

Stonesmike

If redundancy pay is decent, the wife and I, will look at retiring and down size property and spend our time in the UK and our place in Spain. 👍🙏

A_Frayed_Knot

Wonderful, best time to retire but not the best place to go to atm.

hildosaver

A_Frayed_Knot said:

Wonderful, best time to retire but not the best place to go to atm.

What makes you think it isn't the best place to go at the moment?