Santander Mortgage

LeaSawyers

Hey guys & gals!

My 5 year fixed term mortgage with Santander is due up in Jan 2026 yet i am already starting to get anxious about it. My credit hasn't been great since i got the mortgage due to various reasons such as credit card silliness & loans etc. That said, i have never missed a mortgage payment.

Am i right in thinking they will not need to do a credit check if i remain with Santander?

I am currently paying what i can afford & i know staying with them may result in paying more - but i guess i don't really have an option is there any way i could get a rough estimate on what i could be paying or is it too far ahead? 

Sorry that may be really silly - I'm such a catastrophic thinker. I'd really appreciate anyone with previous dealings when staying put. As long as i know i can stay in my house i'll sleep a lil easier for the next year

lfc321

If you stay with Santander then (providing you keep up those mortgage payments between now and then) it should be a very straightforward case of switching products with no need for full application, credit checks etc.

Since you presumably took out your current deal in Jan 2021 when interest rates were much lower than now, it is very likely that you will be on a higher interest rate on the new deal. Impossible to predict at this stage how much higher. No-one knows that.

Having to stay with Santander will reduce your ability to shop around, but overall I don't think it will be a huge problem: Santander are a mainstream high street lender and their rates will be in the same ballpark as others even if they are not the absolute cheapest at the time.  It's not like you will be stuck on a very high rate from a specialist lender. You might miss an opportunity to switch and save a few £s a month, but I doubt it will be hugely significant in the general scheme of things.

In the meantime, usual advice applies: Get your finances under control and credit card debts down. Keep up your payments on all loans.

LeaSawyers

Thanks so much for your reply, really appreciate it