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Understanding Interest Rates

 

Different types of mortgage rates

With so many mortgage rates available, how can you be sure which one best suits your needs? Compare our different mortgage products side by side to help you consider your options

 

To view our current interest rates then click here

 

 

Fixed Rates

Tracker Rates

Flexible Offset Mortgage

Lifetime Tracker

Monthly Payments

Payments stay the same during the fixed rate period, no matter what happens to Bank of England interest rates, after which the rate   will  revert to our Standard Variable Rate (SVR)

Payments track above the Bank of England base rate for a set period of time, after which the rate will  revert to our Standard Variable Rate (SVR)

Payments track above the Bank of England base rate for the life of the mortgage term.

Payments track above the Bank of England base rate for the life of the mortgage term.

Benefits

 

You can budget for a set payment every month during the fixed rate term. Payments are protected against interest rate rises.

 

The interest rate tracks above the Bank of England base rate for a set period of time, if the rate goes down your monthly payments will go down, but if the rate goes up your monthly payments will also go up.

Overpay - min £500 whenever you want to, so you pay less interest over the mortgage term. 

The interest rate tracks above the Bank of England base rate for a set period of time, if the rate goes down your monthly payments will go down, but if the rate goes up your monthly payments will also go up.

Overpay - whenever you want to, so you pay less interest over the mortgage term.  You may also be able to use any surplus you've built up to take payment holidays at a later date.

Savings - offset your savings against your mortgage

Long term - you don't need to look for a new deal every few years

Extra borrowing - you may be able to borrow additional money at your current interest rate at a later date

The interest rate tracks above the Bank of England base rate for a set period of time, if the rate goes down your monthly payments will go down, but if the rate goes up your monthly payments will also go up.



Overpay - min £500 whenever you want to, so you pay less interest over the mortgage term. 

 

Long term - you don't need to look for a new deal every few years

Other considerations

Monthly payments will not change if the Bank Base Rate changes

The mortgage will revert to Santander' s Standard Variable Rate at the end of the product term unless you choose a new rate with us

 

If the Bank of England base rate increases so will your monthly payments. You need to be comfortable your budget will allow an increase in monthly mortgage payments.

The mortgage will revert to Santander' s Standard Variable Rate at the end of the product term unless you choose a new rate with us

If the Bank of England base rate increases so will your monthly payments.  You need to be comfortable your budget will allow an increase in monthly mortgage payments

If the Bank of England base rate increases so will your monthly payments.  You need to be comfortable your budget will allow an increase in monthly mortgage payments

How long are deals available for

From 2 years

From 2 years

The flexible offset rate lasts for the life of the mortgage term.

The Lifetime Tracker Mortgage rate lasts for the life of the mortgage term.

Early Repayment Charges

On the majority of our fixed rates there is an  Early Repayment Charge if you pay back your mortgage before the end of the fixed rate term

No Early Repayment Charge payable

No Early Repayment Charge payable

No Early Repayment Charge payable

Available to all customer groups?  i.e. first time buyer, moving home, remortgaging?

 

Yes

Yes

Yes

Yes

 

 

Benefit packages available on selected rates?

 

 

Most of our mortgage deals offer a Benefit Solution  package. This includes a free standard valuation (limited to property value of up to £2.5m).  Also if you remortgage to us we will arrange and pay for all standard legal fees or if you are moving home we will pay £250 cashback on completion. You only need to repay the paid legal fees or cash back if you repay your mortgage within the first two years

Most of our mortgage deals offer a Benefit Solution package. This includes a free standard valuation (limited to property value of up to £2.5m).  Also if you remortgage to us we will arrange and pay for all standard legal fees or if you are moving home we will pay £250 cashback on completion. You only need to repay the paid legal fees or cash back if you repay your mortgage within the first two years  None  None

Overpayments

Up to 10% each calendar year of your outstanding mortgage balance as of 1st January, without incurring an early repayment charge
Unlimited
(minimum £500)
Unlimited
Unlimited
(minimum £500)

 

What are typical interest rates

 

Click here to view our interest rates

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.