How a Santander Mortgage Can Help You

If you're finally ready to buy your own home, a Santander Mortgage might help. Buying a home doesn't have to be difficult thanks to mortgage opportunities. Instead of shelling out thousands of dollars from your savings, you can borrow the money from a mortgage bank.

There are so many mortgage opportunities on the market so you need to do your homework. If you figure out exactly what yo can afford and what your long-term goals are, it will be easier to find the perfect mortgage. A widely recognized and reliable bank, Santander offers different types of mortgages designed to meet different needs and lifestyles. Whether it’s geared towards purchasing a property or refinancing, Santander has a variety of offerings.

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A Santander Mortgage allows you to jumpstart your journey to homeownership, but of course it comes with its own rules. Our editors have looked into the Santander Mortgage and come up with some details you need to know. Make sure you read everything and take your time before making a final decission on which mortgage is right for you.

How Can I Use a Santander Mortgage

Buying a Home

For first time buyers, Santander offers mortgages with a 5% deposit. Under this particular offering, individuals are entitled to accept and use gifted deposit amounts from their family members.

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This offering also makes it easier for potential homeowners to purchase their homes via the Help to Buy: ISA program. Under this government initiative, you will be rewarded with a 25% bonus amount if you meet the deposit amount required and other conditions set out by the government. This type of loan is also applicable for Shared Ownership plans and Help top Buy: equity loan and London Help to Buy, and Forces Help to Buy programs.

Refinancing/Remortgaging

Remortgaging allows you to gain control of your finances and reduce your monthly payments by taking out a new mortgage at a much lower rate. Not only does this option allow you to stay home, but this also helps you gain more money to use for other purposes. Apart from this, refinancing also provides the avenue to pay more off your mortgage without additional charges.

Moving Houses

Ideal for those intending to move houses or find another property, this offering takes pride in giving a free standard valuation on properties of up to £2.5 million. Convenient and accessible, this program helps you keep track of your mortgage via online and mobile banking facilities.

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What are the Types of Santander Mortgages?

There are three main types of mortgages available from Santander Bank. As you know, interest rates can play a big factor in how much you end up paying for your house on a mortgage. The options below come with different interest rate possibilities.

Fixed-Rate

Fixed-rate mortgages allow you to take out loans with fixed-term payments lasting for 2, 3, or 5 years. True to its name, fixed monthly rates will stay the same under the agreed period. After this period, the rate will revert to the variable follow-on rate.

Tracker Rate

Geared towards individuals who wish to make unlimited overpayments and those who think interest rates will stay low, the tracker rate type of mortgage opens up with a rate just above the base rate given by the Bank of England valid for 2 years. After the initial period, a variable follow-on rate will also apply.

Lifetime Tracker

A lifetime tracker offering is ideal for people who also want to make unlimited overpayments and those who want to stick with their current plan forever. Under this, the rate given will be based above the Bank of England’s rate.

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What are the Fees of the Santander Mortgage?

Interested applicants would do well to remember that the amount borrowed and approved by the bank depends on a variety of factors. These include your financial standing, the type of property you wish to use and or purchase, and many more. Interest rates for these accounts may also vary.

Some of the standard fees and charges include the following:

  • Account Fee – £225
  • Funds Transfer Fee – £35
  • Re-Inspection Fee – £70
  • Valuation Fee – £95 to £1,190
  • Change of Term Fee – £75
  • Arrears Fee – £40 per month
  • Early Repayment Charge – Varies

To know more about these fees, feel free to check out the tariff of mortgage charges set out by Santander.

How to Contact Santander Mortgage

Have you set decided as to what type of mortgage you’ll be applying for? With these options and guidelines, you now have a clearer grasp on the path you should take. For more guidance and clarity, you may reach out to their Mortgage Service Team at 0800 917 5630. You may also visit their head office at 2 Triton Square, Regent’s Place, London, NW1 3AN, United Kingdom.

Disclaimer: There are risks that come with applying for a mortgage. To learn more, visit the bank’s Terms and Conditions page.

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