If your rate is about to expire and you’re looking to stay with Santander, here’s the information you need. Santander offers various mortgage options for existing customers looking to switch to a new deal.
Check Out Our New Rate Switch Reward Calculator
Key Points
- You have 14 days from the date Santander sends the offer to review and accept your new deal.
- Applicants need to be residents of the UK.
- You can log in, download, and review your offer as often as you wish before the deadline.
- With a joint mortgage, any account holder can agree to the new deal for all account holders.
- A key advantage of a Santander product transfer is that additional income or affordability assessments are not required.
- We can secure a rate four months before your current rate expires.
Santander Rates
Santander typically provides fixed rates of 2 or 5 years for existing customers, as well as 2-year trackers, although the selection is generally more restricted compared to what’s available for new clients.
How long will the rate switch take?
After we apply, the process is relatively fast. Mortgage offers are typically given right away, and you can choose for your rate to start either next month or on the end date of your product. If you’re changing your rate, borrowing more, or adjusting other terms like switching to interest-only, it might take more time due to extra checks and underwriting.
Can I borrow extra money?
Yes – Santander provides further advances as well. These are extra borrowing options for your current mortgage. Like product transfers, the rates for extra borrowing are determined on a case-by-case basis.
What does staying with your current lender mean for you?
- It’s quicker and easier than a remortgage.
- It can be done in just 15 minutes.
- They do not require any credit checks, income checks, or valuation fees.
- Secure a favourable rate four months before your current product expires.
Product transfer process
- Gather Information: For instance, we will need to know the account number for your mortgage. Santander accounts start as ANMF and you can find your account number on letters Santander have sent you. We will need this to access your account and review your options.
- You will receive quotes from us: We will send over a few quotes fairly quickly and give you time to look over these.
- Review options: When you’re ready, look over the product transfer options that Santander offers. You might need to compare various interest rates, terms, and features to find the best option. We’re here to support you throughout the process, so if you’re uncertain about which option to choose, we can assist you in making the best decision.
How can Rate Switch Rewards help?
Rate Switch Rewards will evaluate all your choices, including those from Birmingham Midshires and other market options. We can assist you with your application and manage the necessary tasks. We work hard to assist you in finding a good mortgage option. We aim to make the rate switch process straightforward, efficient, and advantageous for you!
If you want to learn about your options, feel free to reach out and we’ll be glad to help.
