Santander Product Transfers
Santander Product Transfer Mortgages: A Comprehensive Guide
A Santander product transfer mortgage allows you to switch your existing Santander mortgage to a new deal offered by Santander. It’s a streamlined process compared to remortgaging with a different lender, potentially saving you time and stress.
What is mortgage product transfer?
A mortgage product transfer is when you switch your existing mortgage to a new deal with the same lender. It’s an alternative to remortgaging with a different provider.
Here are some key things about product transfers:
Simpler process: Compared to a remortgage, a product transfer is usually quicker and easier. There’s typically less paperwork involved since you’re staying with the same lender.
Fewer fees: You’ll generally only pay an arrangement fee with a product transfer, whereas a remortgage might incur valuation fees, solicitor fees, and other charges.
Not always the best deal: It’s always a good idea to compare product transfers with remortgages from other lenders to ensure you’re getting the most suitable rate.
Highlights
When to Consider a Santander Product Transfer Mortgage
Santander product transfer mortgage might be a good option for you if:
Your current fixed-rate deal is coming to an end: If your introductory fixed-rate period is nearing its conclusion, a product transfer can help you secure a new competitive rate before reverting to the typically higher Standard Variable Rate (SVR).
You want to lower your monthly repayments: If interest rates have fallen since you took out your current mortgage, a product transfer to a lower rate can save you money each month, depending on your individual circumstances.
Your financial situation has improved: If your income or credit score has improved since taking out your current mortgage, you may be eligible for a more competitive rate through a product transfer.
You value speed and convenience: The streamlined process of a product transfer, avoiding income checks and valuations, can be attractive if you need to make a quick change to your mortgage.
How to Apply for a Santander Product Transfer Mortgage
Here’s a general guide on applying for a Santander product transfer mortgage:
- Check Your Eligibility: Ensure you’re within the qualifying timeframe to switch deals without penalty. Typically, you can apply within 4 months of your current fixed-rate deal ending or if you’re currently on the SVR.
- Compare Available Deals: Santander offers a variety of product transfer deals. Carefully consider the interest rates, fees involved (if any), and the term length (fixed or tracker) to find the option that most suits your needs.
- Apply Online or by Phone: Santander allows you to initiate the application process online through their internet banking platform or by calling their mortgage customer service line.
3 Benefits of a Santander Product Transfer Mortgage
- Simplicity and Speed:
- No income or affordability checks: Since you’re already a Santander customer with an established payment history, they won’t need to re-evaluate your income or ability to afford the mortgage. This eliminates a time-consuming aspect of securing a new mortgage.
- No valuation fees: Santander won’t need to re-value your property, saving you this additional cost.
- Faster turnaround times: Without the need for extensive checks, product transfers typically process quicker than remortgaging with a new lender.
- Potentially Lower Rates:
- Access to competitive Santander deals: You’ll have access to Santander’s latest product offerings, potentially including fixed-rate mortgages with lower interest rates than your current deal. This can translate to significant monthly savings.
- Escape the Standard Variable Rate (SVR): If you’re on Santander’s SVR, which typically has a higher interest rate than fixed-rate deals, a product transfer can significantly reduce your monthly outgoings.
- Convenience and Familiarity:
- Straightforward online or phone application: You can initiate the product transfer process conveniently through Santander’s online banking platform or by phone.
- Existing relationship with Santander: You’ll remain with a familiar lender you already have a mortgage with, potentially simplifying communication and streamlining the process.
Why Use a Mortgage Broker for Your Product Transfer?
You might be nearing the end of your current mortgage product term, and your lender has offered you a product transfer. This can be a tempting option – it seems quick and easy to stay with the same lender. But before you jump in, consider the advantages of using a mortgage broker to navigate your product transfer. Here’s why a broker can be your secret weapon for securing the most suitable deal and for product transfers we don’t charge a mortgage advice fee.
Considering a Remortgage: If you’re unsure whether a product transfer or a remortgage to a different lender is more suitable, a mortgage broker can assess your situation and offer unbiased advice. They can compare rates and product features across various lenders, potentially finding a better deal outside of Santander.
Complex Financial Situation: If your financial situation is complex, involving multiple debts or self-employment, a mortgage broker can navigate the application process and ensure you meet Santander’s eligibility criteria.
Negotiating Power: While uncommon with product transfers, some experienced mortgage brokers might have established relationships with lenders and potentially negotiate a slightly better rate on your behalf, even with Santander.
Additional Considerations:
Early Repayment Charges (ERCs): If you’re still within the fixed-rate period of your current mortgage, you may incur an Early Repayment Charge (ERC) for switching deals. Weigh the potential savings of the new deal against the ERC before proceeding.
Limited product choice: You’ll only be able to choose from the mortgage deals offered by Santander, potentially restricting your options compared to a wider market search.
Fees: There may be product fees associated with the new deal, so compare these costs against the potential savings.
Making Your Santander Product Transfers Journey Smooth
- Remortgage video: https://www.youtube.com/watch?v=UUQOfSF3OzQ
- Why use a mortgage broker video: https://www.youtube.com/watch?v=tB-NIdhpjiI
