Question Re Mortgage Interest Rate

ScubaCollie

Hi All, I have my mortgage with Santander and I've just tried to phone them and after waiting on the phone listening to their messages and chowing options for several minutes, they advice me their office is now closed and only open Mon-Fri!

Well I like most work Mon - Fri and therefore can't speak to them during this time!
You would have thought a company providing a service like this would ask themselves 'when would our customers most likely phone us'? And provide that service during that time? Or is it just me......

Anyway here goes.
As I can't get through to Santander, Im wondering if somebody wound be able to assist with the below question?

I have two mortgages, one on a repayment and thr other on an interest only. 

The interest only one comes out of its deal in November, and is on a 1.071% fixed for two years (as mentioned ends in Nov) and is for 170k over 22 years and costs approx £183.00 per month.
I'm wondering if we were to leave it to go onto their variable standard rate (based on today's figures) how much would that payment likely increase to?
Also if we were to go into another deal, would they charge us a new Product Fee if we stay with them? And if so any ideas how much that is likely to be?
And also last question! If we were to take out a new deal, do they have anything around that same payment we are making now?
Apologies for all the questions but I can't speak to them! 

Nearlyold

Nope not on the wrong forum it's just that all the info you require - "Deals for existing borrowers" "Mortgage calculators" Information on Fees etc is all there. 

csgohan4

I can't see your mortgage T+C from here, if you care to enlighten us, most lenders also show their SVR on their website, if not, then on your online portal

https://www.santander.co.uk/personal/support/loans-and-mortgages/bank-of-england-base-rate-and-your-mortgage

product fee? is this the arrangement/ mortgage application fee?

Compare their current re-mortgage deals:
https://www.santander.co.uk/personal/mortgages/mortgage-calculators/mortgage-product-comparison-calculator

the above will display application fees

Don't' forget retention rates which may or may not be better around 3 months before your current deal expires, on your online portal

I think you need to get away from just how much it costs a month, but overall costs and interest rates. You could stretch the mortgage out for longer giving you lower monthly costs but costs you more in the long term and hence false economy. 

If you have a go at posters, you will find your request for advice, which admittedly can be found at home or on a simple google search, fall in deaf ears

[Deleted User]

ScubaCollie said:

Well I like most work Mon - Fri and therefore can't speak to them during this time!
You would have thought a company providing a service like this would ask themselves 'when would our customers most likely phone us'? And provide that service during that time? Or is it just me......

Most people who find it difficult to transact with a bank during opening hours will use a mortgage broker who tends to be able to answer all the questions and at more convenient times or over email.  

The alternative is you get a call centre that works 24hours a day and I can nearly guarantee that no one holding mortgage advice qualifications is going to work those hours at a level of pay the mortgage company would pay.  

As you are asking specific questions around figures and calculations, this is likely to be a discussion with a qualified advisor and they arent going to work after normal hours in a bank.
If you just want to know what options are available on a non advised basis then you should be able to log in and see on your online mortgage account

csgohan4

Nearlyold said:

Nope not on the wrong forum it's just that all the info you require - "Deals for existing borrowers" "Mortgage calculators" Information on Fees etc is all there. 

https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/

OP calculator to use above

As above, a broker would be useful in your situation, they deal with your application during the weekday and leaves to worry about work only

ScubaCollie

Guys, be a little more considerate to others, just because one person is able to find something on 'the Internet' doesn't mean that everybody finds things as easy to do.
I assumed that's what this forum was for.....to help and assist others, without sarcastic one line responses, from your posts above, I was obviously wrong to assume.... 

[Deleted User]

Depending when you took your santander mortgage you will go to either a Follow on Rate, or a Standard Variable Rate.  I can only see the Follow on Rate on my product guides so im not sure what the SVR is with them .  4.34% comes up on google so if its that then your interest only payment on a £170k debt will be £614/m

Their existing customer rates are bespoke so can only see whats available by logging in to their portal and checking.   The product fee will usually be either £0, £499, £999, or £1499 depending on what rate you want

[Deleted User]

If your deal is up at the end of November I would probably see a broker around August time. This way they can log in and see what deals are available to you as an existing customer but also review the rest of the market to see if anything better is out there.  
No point stressing about it just now as rates will change next week never mind in 9 months time.  

davidmcn

ScubaCollie said:

I assumed that's what this forum was for.....to help and assist others, without sarcastic one line responses

Like "Think you're on the wrong forum fella"?

Thrugelmir

ScubaCollie said:

I'm wondering if we were to leave it to go onto their variable standard rate (based on today's figures) how much would that payment likely increase to?
Also if we were to go into another deal, would they charge us a new Product Fee if we stay with them? And if so any ideas how much that is likely to be?
And also last question! If we were to take out a new deal, do they have anything around that same payment we are making now?

Call centre operatives aren't going to be in a position to answer these questions. Not their remit. 

Thrugelmir

ScubaCollie said:

Guys, be a little more considerate to others, just because one person is able to find something on 'the Internet' doesn't mean that everybody finds things as easy to do.
I assumed that's what this forum was for.....to help and assist others, without sarcastic one line responses, from your posts above, I was obviously wrong to assume.... 

You'll be surprised how many people aren't aware of what's available or where to find it. Posters can only respond to what gets asked and what information gets given. Often it's akin to pulling teeth. There's forum members on here who'll happily crunch numbers.