Sanatander Remortgage Deals

by Mark Johnston

The Spanish bank Santander is offering a massive range of mortgages at some of the most competive prices in the United Kingdom. Whether you are looking for a buy to let mortgage to finance your first property investments, a first time buyer looking to get their foot on the property ladder or a home onmwer looking to movce into their dream home then Santander seems to have a product for you.

Back in January 2010 Uk based Abbey National which included the Bradford and Bingley brand changed its name to Santander Uk after being bought out by the Spanish bank during the banking crisis a few years ago. Abey National was founded way back in 1944 just before the end of the 2nd workld war.It was later floated on the the London stock exchange in 1989.

Sanatander UK is now one of the UK’s largest banks and has its Uk headoffice in Lodon which looks after its network of branches throughout the UK and employs more than 25,000 staff to look after its loyal customers. Santander is currently one of the leading best buy mortgage provders for remortgages. Those lucky home owners who are looking to move home or are looking for a better deal on their current home loan could check out

Santanders two year track which is currently at a great 2.19% with a loan to value (LTV) of 60%. This would mean those looking to get this deal would require a 40% deposit. For an average priced home of £160,000 this would require a whopping £64,000 deposit. Those lucky enough to have this could enjoy the 2.19% rate which would work out at £418 a month for the remaining b alance of £98,000 over a standard 25 year period. The mortgage comes with a fee of £1495 which makes the cost for comparison 4%APR. Those who are lucky enough to pay their mortgage off early or wish to move to another provider within the 2 year period would be required to pay an early redemption charge.

Mortgage holders with less equity in their homes could do worse than Santanders 2.79% two year tracker which tracks the Bank of Englands base rate (currently 0.5%) at 2.29% above. This means that if the Bank of England base rate increases, so will your mortagge repayments. The loan to value (LTV) of this mortgage is 75% which means the minimum deposit is a more manageable 25%. This would mean those looking to get this deal would require a 25% deposit. For an average priced home of £160,000 this would require a whopping £40,000 deposit.

The 2.29% rate would work out at £529 a month for the remaining balance of £120,000 over a standard 25 year period. Its worth rememebering that this is a tracker mortgage which means that even a modest increase in the bank of England rate would increase monthly payments. If the Bank of England rate increased from 05% to 1.5% the tracker mortage would be 3.79% which would mean the monthly payments would increase from £529 to £625. Many may think that a rise in interest rates will not happen in the near future but rmemember that the Bank of England base rate has been as high as 14% back in 1990 which would increase the rate on this loan to 16.29 making the monthly repayment an unmanageable £1656.



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