Santander changed process

knight2266

I am 3 years into a five year interest free mortgage with Santander. On 27th January 2021 I contacted them to ascertain whether I could port my mortgage to another property. They checked my details and informed me that if I purchased property less than 50% of my current mortgage I would have to top it up with a repayment mortgage. Not a problem. On 2nd March 2021 I contacted Santander to port my mortgage as I have an offer on my house and have an accepted offer on a house. I was informed that the system had changed on the 15th February 2021 and I could only have now 45% of my current mortgage and it could not be topped off. I was offered a repayment mortgage which doubles overnight my mortgage payments. We don't have to move and would never had started the procedure had we known Santander had moved this particular goal post. Should I make a complaint?

K_S

@knight2266 Generally speaking, porting is always subject to the rules/criteria applicable at the point of application. So if Santander's rules have changed between when you enquired and when the application went in, that wouldn't be unexpected.

If the information they gave you upon enquiry was wrong at that point in time then you definitely have a cause for complaint.

Thrugelmir

knight2266 said:

Should I make a complaint?

The lenders criteria changed. Complaining will achieve nothing.  Date of application determines the criteria you will subject to. Not the date of enquiry.