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Santander UK is a retail and commercial bank based in the UK. It is a part of Banco Santander, a Spain-based banking group that operates internationally. Santander offers a range of banking products, including mortgages to suit a range of consumers. Read on to find out more about Standander’s mortgage products, how they work, and whether they might be a good choice for you.
Santander Mortgage Rates
Santander mortgage rates can vary depending on a range of factors, including the type of product you apply for and your personal circumstances.
There are two main options for Santander mortgage rates:
- fixed-rate mortgages
- tracker rate mortgages
With a fixed-rate mortgage from Santander, your interest rate will be set during your application and will stay the same until the end of the mortgage term. With a tracker rate mortgage, the level of interest you pay will be based on the Bank of England’s base rate. This means that your payments may change from month to month, either dropping or rising, based on the base rate itself.
The third option for Santander mortgage rates is the standard variable rate (SVR), which customers will be moved on to at the end of their fixed-rate or tracker term, unless they remortgage on to a new deal.
Other factors can affect the mortgage rate Santander may offer you too. For example, having a low credit score or smaller deposit may mean a higher rate is applied to your loan.
Always check your mortgage offer to make sure you are in a position to comfortably meet your mortgage payments each month.
Santander Mortgage Products
Santander offers a range of mortgage products to suit the various needs of consumers, whether they are trying to get on the housing ladder, move home or buy a home to rent out.
Here are just a few of the mortgage types that Santander provides:
- home mover
- buy to let
Your eligibility for these products may vary depending on your circumstances.
Santander Mortgage Application Process
The mortgage application process with Santander is similar to those with other lenders, and typically occurs in the following way:
- Get a Decision in Principle – by providing some of your financial information, including income and outgoing expenses, Santander can estimate how much it may lend you.
- Finding the property and making an offer – once you know how much you may be able to borrow, you can find a property to suit your likely budget and make an offer.
- Apply for your mortgage with Santander. Once you have made an offer, you can apply officially with Santander.
- Your solicitor or licensed conveyancer will then see the process through until your property sale is completed.
With NerdWallet, you can compare mortgage products from Santander and other lenders to find the deal most suitable to you.
Santander Mortgage Customer Service
In the event that you need to contact customer services at Santander about your mortgage, its phone line is available on 0800 077 8592.
Alternatively, you can get in touch with a digital assistant from Santander by clicking on the Chat with Us button on any page, to discuss any mortgage-related enquiries further.
Santander also has a number of articles written to cover specific FAQs that may be a good first port of call if you have questions.
Santander Mortgage FAQs
Who is Santander?
Santander UK is part of the Spanish Santander Group, which has been operating since 1857. Santander UK has become one of the country’s leading banks since it launched in 2004. It provides a large range of banking and investment services across the UK, including mortgage products.
How does a Santander mortgage work?
Santander offers a range of mortgage products for people in various situations.
For example, Santander offers first-time buyer mortgages for people wishing to borrow for their very first home.
Rates, term lengths and fees can vary depending on the type of mortgage but they typically involve repayment on a monthly basis, as set out in your mortgage agreement.
Mortgages are considered long-term financial commitments, which can be paid back over a number of years. It is important to make sure that, whatever Santander mortgage product you choose, you are confident that you will be able to afford the monthly repayments for the duration of the term.
What is Santander’s mortgage eligibility criteria?
Santander mortgage eligibility criteria may vary, depending on whether you want a residential or buy-to-let mortgage.
For a Santander UK mortgage, eligibility criteria for a residential mortgage will include, but is not limited to, the following:
- You must be aged 18 years or over.
- You must be a UK resident.
- You must be able to provide proof of your income – payslips and a P60, for example.
If you have had a property repossessed in the past, been bankrupt or subject to an individual voluntary arrangement (IVA), or have a criminal record, Santander will consider you ineligible for a mortgage.
Check the Santander UK website for full eligibility criteria to make sure you are able to access its mortgage products.
NerdWallet can help you to compare mortgages from a range of providers, including Santander. Find out more and compare deals using our mortgage comparison tool.
Does Santander have a mortgage app?
Yes. Santander has a free-to-download banking app, available via the App Store and Google Play.
You can view your mortgage balance, carry out transactions digitally and update banking information among other activities, all with the use of your smartphone.
Does Santander offer mortgage holidays?
Until March 2021, Santander UK offered mortgage holidays for customers impacted by coronavirus. These mortgage holidays allowed customers to reduce sums to be paid on their mortgage for a period of time, easing pressure on their finances related to issues caused by the pandemic.
However, Santander no longer offers mortgage holidays. If you are worried about making payments, or struggling with your finances, it does offer a range of advice for you to consider.
Can you overpay a Santander mortgage?
Yes, is it possible to overpay your Santander mortgage.
If you wish to pay down your mortgage balance faster, it is possible to make overpayments on a monthly basis or through a one-off payment. This might not reduce the term of your mortgage, but can reduce the balance itself and the amount of interest you would be expected to pay for the remainder of the term.
Please note an early repayment charge (ERC) may be applicable, if you overpay beyond a limit as set out by Santander. Check your mortgage offer to ensure you are aware of this limit when applying for your mortgage.
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