Santander Port Mortgage

If you want to buy a new home with the same current mortgage benefits, terms and conditions at that time, you can port your mortgage to a new property. If you need a bigger mortgage property, you can deal with Santander Port Mortgage. Santander is a big FInance services company in the UK. Apart from that, Santander is the largest provider of mortgages in the UK.

How does porting a mortgage work, Santander

1. Santander Port Mortgage

The first question is “Are Santander mortgages portable?”. It's possible in Santander. If you're porting your mortgage for the same borrowing amount, you can save your ERC. But if you borrow a smaller amount, then you have to ERC. Apart from that, no ERC on Tracker rates and SVR. If you need to borrow more, then go for a new deal.

2. New Deal:

Here you can borrow the total amount that you need for your new property. If you don't want to port your current mortgage deal, you can choose a new deal. If you are selling a current property and buying a new property on different days, then you have to pay ERC first. But you can get your ERC refund if you choose the porting option within 9 months to complete your current deal. Or you can buy your new home within 3 months before closing the current deal.

Process of Santander porting mortgage or Any Service.

1. In online or mobile banking, get an instant and free DIP. You have to log in, choose your mortgage account and then manage your account. Or you can call directly.

2. After that, give your necessary details like Credit history, spending, income and your requirements, then Santander will give you the affordable options for you.

3. After you have confirmed that there are no legal problems with the elected property.

4. Then the Valuation and Survey is conducted by the bank.

5. If everything is good and satisfactory for the bank, then the bank will give you offers for lending.

6. Then you have to make a payment every month consistently between the 1st and the 28th. Apart from that, you have to pay other fees, such as the product fee.

7. If you choose the joint mortgage, then both people are responsible for paying the loan. If one person can't pay, then the other person has to pay the full amount.

8. Privacy and Data: In this process, you have to share your personal information with the lender, but your private information is confidential here. It is important to prevent Fraud.

9. You can check the process for remortgaging with same lender santander.

If you are having problems with services.

If you are not happy with the process or service, you can complain online, by phone or by writing, and if there is no change, then you can complain directly to the Financial Ombudsman Service.

Factors to Consider Santander Port Mortgage

1. Your Credit history matters for your mortgage application. With that, your financial circumstances also matter. To overcome this problem, talk to your Broker. They have some deals for bad credit history.

2. Loan-To-Value(LTV) can change when you port your mortgage because it depends on your new property loan value and your deposit. If LTV increases, your Interest rate also increases.

3. Property Price: You may also need to pay a nominal valuation fee to get your property assessed. Higher property price means you may need to borrow more.

4. Consider additional costs like valuation fees, legal costs or broker fees if you choose.

If you want to switch a Deal

-If your current deal is ending in 4 months.

-No ERC on your current deal.

-Your deal is on SVR or Follow-on rate.

When does my new mortgage deal start?

It depends on your interest rate compared to your current one.

1. If your new deal is cheaper, you can start by avoiding ERC, or you can wait to complete the current deal. But remember, when you start the new deal, you can't step back.

2. If the new deal is the same or bigger than the current deal, then you have to wait for the current deal to end.

3. If your current deal is on a variable rate mortgage, then you can start a new deal straight away.

4. Check the Santander product transfer rates

Can I cancel a booked deal?

Yes, but within 14 days before the start of the deal. For that cancellation, you can talk to your broker or bank directly.