Reviewed: Santander Mortgages | moneyfacts.co.uk

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Published: 29/11/2021

 

Looking for a great mortgage deal? Santander may be on your radar. Here’s everything you need to know about Santander mortgages to decide if it could be an option for you.

Who is Santander?

Santander UK plc is a British bank owned by the Spanish Santander Group, and is one of the largest mortgage providers in the UK. It’s fully authorised by the Prudential Regulation Authority (PRA) and is regulated by both the PRA and Financial Conduct Authority, and is a member of the Financial Services Compensation Scheme.

What type of mortgages does Santander offer?

Santander offers a range of mortgage types, including fixed rate deals and variable rates, both of which are available to first-time buyers, home-movers and remortgages (rates vary depending on several factors including the mortgage type, borrower profile and level of deposit). They also offer buy-to-let deals to landlords as well as more specialist options, such as Help to Buy mortgages

How much can I borrow with Santander?

Santander will lend up to 5.5 times your salary, though this will depend on your earnings, credit history, financial commitments and the loan-to-value (LTV) you need. The bank currently lends at up to 95% LTV for first-time buyers and homemovers, and up to 90% LTV for remortgagors. 

What documents do I need to apply for a Santander mortgage?

In order to apply for a Santander mortgage you’ll need to provide:

  • Proof of your name and address. They’ll need the past three years’ address history with no gaps.
  • Proof of income. Typically, this will be payslips for the three months preceding your application, or self-assessment tax forms/an accountants’ certificate if you’re self-employed. This may also include evidence of child benefit payments, tax credits or any other state benefits you receive, as well as details of any investments or endowments being used to support your mortgage.
  • Copies of bank statements to provide evidence of outstanding financial commitments (such as loans or credit cards).
  • Details of relevant insurance policies (e.g. home insurance, life cover, mortgage payment protection).

How can I get a Santander mortgage?

You can get a Santander mortgage by going directly to the lender or through a mortgage broker, with the latter offering an additional level of support in order to find the best mortgage deal and help you complete the application process. Speak to our preferred broker Mortgage Advice Bureau if you’d like to go down this route. 

 

Based on the initial details provided, Santander will offer a mortgage in principle that will tell you how much you may be able to borrow. Once you’ve found a suitable property, the mortgage application will be finalised and the property will be valued, after which you’ll receive a formal mortgage offer – which means your application, and mortgage, is approved. The mortgage offer will last for between three and six months, during which time you’ll need to complete the purchase of the property. The funds will then be released on completion day. 

Can I overpay?

Yes. If you’re on a fixed rate deal, you can overpay up to 10% of the outstanding balance each year. If you’re on a variable rate deal, overpayments are unlimited. You can make single overpayments on an ad-hoc basis or can set up regular overpayments by amending your Direct Debit. 

How can I manage my mortgage?

You can easily manage your existing Santander mortgage via online banking or via the app, where you’re able to make overpayments, secure a new deal, and even start the process to change your mortgage term, repayment method or borrowing amount. You can also find additional support by calling the relevant team (you can find the numbers to call on the Santander website). 

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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