Santander Product Transfer
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Santander Product Transfer Mortgages.
What Does A Santander Product Transfer Mean?
A Santander Product Transfer means you change your current mortgage deal onto a new one with Santander. The process is straightforward because you are not changing lenders. It can be a good option for securing better rates at the end of your fixed term mortgage with minimum paperwork.
What Is the Santander Product Transfer Process?
Check Your Current Mortgage:
Check your current mortgage’s end date, outstanding loan amount and any early exit charges.
Check Santander Rates:
Santander will show you different rates available for product transfers with them.
Talk To A Mortgage Broker:
Your mortgage broker will compare the mortgage rates from Santander and tell you the best option you may have.
Secure The Rate:
Select the rate that is best suitable for you with the help of your mortgage broker and secure the mortgage rate.
Monitor The Rates:
The Current uncertain market rates are due to change very frequently. Monitoring the rates will ensure that you do not miss out on any reduction in mortgage rates. If the rates reduce then new rates can be requested from Santander.
Switch Complete:
The Following day after your current rate’s end, Santander will simply switch to the new rate making it very simple – no valuation, no legal work.
Should I Go To Santander Directly For A Product Transfer?
Many Homeowners with a mortgage ask how long a mortgage application takes through a mortgage broker? Many borrowers think going directly to their local high street bank may be a lot quicker and easier for mortgage advice.
However, going directly to a branch or calling them over the phone means you may not know how long it will take to complete the process, or whether it will be completed at all. Or not know if you have the best mortgage deal.
However, if you want to skip long wait times, it is always better to work with an experienced mortgage broker than going directly to Santander for a product transfer. Your broker can guide you about transferring your mortgage seamlessly.
Most importantly, not all mortgage brokers charge fees. Some are completely free while still delivering high quality services like MariannaFS.
Some Important Factors To Consider While Doing A Santander Product Transfer.
No Income Proof:
Santander do not ask for Income proof for a product transfer when you do a like for like change.
No Credit Check:
Santander do not check a credit score while doing a product transfer, but that being said, if you have missed mortgage payments then that may hinder your chances of securing a new rate.
No Valuation Required:
No New Valuation is required for a Santander Product Transfer. A New valuation may be needed if extensive refurbishment is undertaken which may increase the property value lowering the loan to value bracket.
No Legal Fees:
No solicitors are required as property ownership does not change. This means a legal process is not needed with your Santander product transfer.
What Are The Benefits Of A Santander Product Transfer.
Easier Process:
Santander Product transfers are generally quicker and easier than applying for a new mortgage with a different lender. Because you are already with Santander, they already carried out your income and affordability once and they do not do this again, which makes the process a lot easier.
Better Rates:
Santander borrowers can benefit from better rates as existing borrowers’ lenders often offer exclusive rates to it’s customers. Even new fixed rates can be changed very quickly meaning savings on standard variable rates at the end of the fixed term of your mortgage.
Saving on Fees:
A Santander product transfer does not require valuation or legal work. This means clients can save on valuation fees and solicitors’ fees.
What Are Downsides Of A Santander Product Transfer?
Restricted Rates:
While doing a product transfer, lenders offer better rates only if those rates belong to them. Borrowers are not comparing the rates from the whole of market.
Limited Options:
Santander product transfers are good for like to like switches but if clients want to make changes to the mortgage, as in borrow more or increase the term, then they will need to remortgage to a different lender.
How To Get the Best Deal From A Santander Product Transfer?
Speak To Your Mortgage Broker:
A Mortgage broker can help you secure the best deal for your product transfer by comparing different rates and other factors which matter.
Don’t Wait Until The Last Minute:
Starting the product transfer process early will ensure you have all options on the table, making sure you have the best rate available.
How Much Does It Cost For A Santander Product Transfer?
Santander product transfers can save you money on legal fees and Valuation fees.
But depending on the mortgage rate you choose, you may pay product fees from Santander, between £495 – 1995 plus. Always use a mortgage broker to calculate the fees involved in a product transfer.
When Should I Start A Santander Product Transfer?
Usually, Santander allows 4 months in advance to start your product transfer. If you want to know options before hand, then a mortgage broker will be able to advise on it.
Can I Change Secure Rates On A Product Transfer?
Santander allows you to change the product transfer rate 14 days before the new rate starts. If a new lower rate is available with Santander, then they can be secured before the start of the new rate.
How Can MariannaFS Help With Your Santander Product Transfer?
Our mortgage brokers are experts in Santander product transfers. MariannaFS can help you secure your new rate by collecting all necessary information and by making the whole process smooth.
We will look at the options of remortgaging to a new lender or staying with Santander and advise you accordingly. Most importantly, we do not charge broker fees for our mortgages, including Santander product transfers.
If your Santander fixed rate is coming to end then let us help with expert mortgage advice. Our team can be contacted on by completing the Contact us form or calling us on 02080902043.
FAQs:
When can I transfer the product with Santander?
New deals are available online 3 months before current mortgage end date. Borrowers can choose new rate 3 months before the current deal ERC period ends. Santander allows to change to new rate if the bank rate drops. Mortgage broker can help to secure the new Santander rate and monitor for you.
What is product transfer or rate switch?
Santander mortgage product transfer is when you choose to stay with Santander and just change a new mortgage rate this is also known as rate switch. You may choose to do this when your current mortgage deal is coming to an end.
How long does Santander take to process a transfer?
Once the product transfer request submitted to Santander via broker clients has 14 weeks to accept the offer. The new rate will start on 1st of following month or chosen start date.
Related Guides
How Long It Takes To Remortgage?
Mortgage Application Through Broker.
Santander 2 Years Fixed Rate Mortgage
What Documents Required to Remortgage
