In This Article
Who are Santander?
Santander UK plc is a full-service retail and commercial bank providing personal, corporate and investment banking products and services throughout the UK.
They manage their affairs so as to contain the risks related to its business and to enable it to make the best use of the opportunities that present themselves.
Santander UK plc is a wholly owned subsidiary of Banco Santander, S.A. The group has approximately 100 million customers in multiple countries, making it one of the largest banks in the world by total assets.
Products offered by Santander UK include current account products, savings account products, mortgages, loans, credit cards, insurance, and investment products. The bank also offers a wide range of commercial banking products and services to small and medium-sized enterprises (SMEs), larger corporates, and the public sector.
The bank is headquartered in London and is a member of the Financial Services Compensation Scheme (FSCS).
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What mortgages does Santander specialise in?
Santander’s main priority is to provide excellent personal financial services to their customers and create value for them every day giving them financial support that they need.
Santander is one of the largest mortgage lenders in the UK. They have over 160 years of mortgage experience in the UK and have won multiple awards.
Santander offer residential and buy to let mortgages including:
- First time buyer
- Home mover
- Remortgages
- Large Loans
- New Build
- Shared Ownership
If you’re looking for a mortgage from Santander, you have a few options. You can apply directly with the bank, either online, over the phone, or in person at a branch. If you’re approved, you’ll receive a mortgage offer.
For more complicated cases, or if you’re looking for exclusive deals, you can use a mortgage advisor to access Santander for Intermediaries. This has a range of products that aren’t available to the general public. You’ll need to get advice from a qualified mortgage advisor in advance, who will then make the application on your behalf.
This includes people who are looking to get a buy to let mortgage, those wanting to use a scheme such as Shared Ownership, those seeking a larger loan, or self-employed applicants. If you don’t have a mortgage advisor, we recommend completing the below form and a whole-of-market mortgage advisor will be in touch.
Santander mortgage rates
Santander for Intermediaries offers three main types of mortgages: fixed-rate deals, tracker mortgages, and lifetime tracker mortgages.
With fixed-rate deals, customers can choose to fix the rate. Tracker mortgages may last for 2 years, after which the customer moves on to a follow-on rate product. Lifetime tracker mortgages have an interest rate that tracks the bank base rate for the entire term of the deal.
Santander mortgage rates are highly competitive when compared to other lenders.
Santander mortgage product transfer
Do you have a Santander mortgage and your fixed rate is expiring? Or has Santander offered you a new rate as you have come to the end of your initial term?
If so, a Santander product transfer may be right for you. However, it would be advisable to speak to a mortgage advisor that can review the whole of the market to ensure the best mortgage is selected.
A mortgage advisor can also complete your Santander product transfer for you. Saving you the time and the hassle.
Changing your Santander mortgage deal
Santander existing Customers, can lock in a new deal 6 months before your current fixed rate deal ends or you are on a Standard Variable rate / follow-on rate with Santander. If it’s more than 6 months, you may need to pay an early repayment charge (ERC) to get out of your current deal early.
If you would like to make any changes to your mortgage such as increase your borrowing, make a lump sum overpayment or change any of the terms, it is advisable to speak with a mortgage advisor.
How long does a Santander mortgage application take?
There is no one-size-fits-all answer to how long it will take to get a mortgage offer. Application reviews time can vary depending on the complexity of your case and the efficiency of your lender, but in most cases, you can expect to wait 2-4 weeks from mortgage application to offer.
Declined a Santander mortgage?
If you have been declined a Santander mortgage, you may want to consider speaking with a mortgage advisor. A mortgage advisor can help you to find a mortgage lender who may be willing to provide you with a mortgage.
There are many reasons why someone might be declined a Santander mortgage. Some common reasons include:
- Poor credit score
- Not enough income
- Too much debt
- Self-employed without enough documentation
- Unstable employment history
Santander support people with good or excellent credit from the main credit reference agencies. It states it may reject applicants who fail to meet these criteria, for example, someone in a debt management plan.
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Conclusion
Santander are a large mortgage lender and can offer residential and buy to let mortgages.
Santander is popular for mortgages because it is a high street bank. It is also a popular choice for people with higher incomes who are looking for more generous income multiples as they can support higher earners.
You can get a mortgage direct with Santander. However it would be advisable to speak to a whole of market advisor who can consider the whole of the market on mortgages and insurance.
Santander sometimes offer broker exclusive mortgage deals to support customers applying through a mortgage broker.
To speak to a mortgage consultant who can help you, please complete the contact form.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
