Santander Product transfer costs

Mark_84

My current mortgage deal ends in September. I have locked in a deal at 3.96 for 5yrs with Coventry Building society but I noticed my existing lender Santander do 3.99 for 5 years. This shows a product fee of £999 for new customers. Is this still payable for a product transfer?

I have a similar fee to pay on the deal I have locked in so when I can lock a deal in with Santander next month (4 months before) I thought this might be a better option if it had zero or less fees?

Londoncheesecake

From my recent experience with a remortgage with Santander the lower option of 3.99% was in addition of an extra £999 product transfer.
 Alternatively they did offer us a slightly higher interest rate offered without the transfer fee.longer 4% I can’t remember how much exactly

Mark_84

Ah ok so I might not save much then as I am already getting free legal and valuation. Thanks

kingstreet

Remortgage and PT options are different.

Santander produces specific deals for each existing customer so you'll need to establish what you will be offered.

7sefton

What determines the offers Santander offer? Is it credit score linked?

Bald93

My Santander new deals launched in July for an October expiry, we had 2.79% + £999 product fee for 5 years or 2.79% for 7 years (no fee) 

Went for the 7 year option and it seemlessly switched across on the day in October. 

With the way fixed term rates are now lowering, rather than increasing when I renewed last year, you may want to delay locking in until closer to your current product expires, this obviously holds risk though. 

MakingUpGround

Bald93 said:

My Santander new deals launched in July for an October expiry, we had 2.79% + £999 product fee for 5 years or 2.79% for 7 years (no fee) 

Went for the 7 year option and it seemlessly switched across on the day in October. 

With the way fixed term rates are now lowering, rather than increasing when I renewed last year, you may want to delay locking in until closer to your current product expires, this obviously holds risk though. 

Hi @Bald93  can I ask how long it took for them to sort. I'm looking to choose a an alternative product with them also. Thank you

amnblog

7sefton said:

What determines the offers Santander offer? Is it credit score linked?

They don't tell us.

Bald93

@MakingUpGround all down through the website I selected the deal the paperwork auto generated and I signed it on the night. 

It automatically flipped over at the end of the previous term. 

born_again

7sefton said:

What determines the offers Santander offer? Is it credit score linked?

No.
As  your credit score is never seen by lenders. It is a marketing tool by CRA to make people believe a 3 figure number. 👍