Step 4: Choosing the right deal


If you decide to move your mortgage, make sure that you’re getting the deal that suits you best. Ask questions such as:

  • How predictable will your income be? Will it help you to know exactly what your payments will be each month?
  • Or, would you be happy to pay a little more or less, depending on the Bank of England base rate?
  • Might you have some extra money at some point which will allow you to make overpayments on your mortgage and shorten the term?

We offer a range of mortgages to suit your needs.

1 Do you want to pay the same amount each month?+

A fixed rate mortgage gives you the peace of mind that comes from knowing exactly what your payments will be each month during the ‘fixed rate period’ (the amount of time that you pay an introductory rate on your mortgage).

2 Do you want to track the Bank of England base rate?+

A tracker rate mortgage tracks above the rate of interest set by the Bank of England (the base rate). Your payments will increase or decrease in line with changes to this base rate.

Santander mortgages

The chart below shows the different types of mortgages we offer, and how they work. It’s a good idea to consider carefully the kind of mortgage that would be best for you.

Fixed rate mortgages

Tracker rate mortgages

Lifetime Tracker mortgages

Tracks the Bank of England base rate


Fixed monthly payments



Initial rate period

From two years

Two years

For the lifetime of the mortgage term

Interest rate reverts to Standard Variable Rate (SVR) after the initial rate period


Unlimited Overpayments

Up to 10% per calendar year (minimum £500)

(minimum £500)

(minimum £500)

Early Repayment Charge1



1If you choose to repay your fixed rate loan amount in full or overpay by more than 10% each calendar year, you'll need to pay an early repayment charge.

If your mortgage comes with the additional benefit of your standard legal fees paid, you will only need to repay these if you repay your mortgage within the first two years.

Additional benefits

On the majority of our mortgages we'll give you:

  • A free standard valuation on a property valued up to £2.5 million; and
  • We'll pay your standard legal fees which will only need to be repaid if you repay your mortgage within the first two years.

Repaying your mortgage

A mortgage has two parts. The original amount borrowed to buy the property, sometimes known as the capital, and the additional amount the lender charges for lending you the capital, otherwise known as the interest.

When you take out a mortgage you choose how you would like to repay it. You can take out:

  • a Repayment mortgage
  • an Interest Only mortgage
  • a combination of the two


1 Repayment mortgage+

With a Repayment mortgage (sometimes called ‘capital and interest’) your mortgage payment covers the interest and also helps to reduce the amount you owe (‘the capital’). As long as you keep up your payments, you can be sure your whole mortgage will be paid off at the end of the mortgage term.

2 Interest Only mortgage+

With an Interest Only mortgage your mortgage payment only covers the interest on what you owe. At the end of the mortgage you pay off the amount you’ve borrowed using savings or investments built up during the mortgage period.

If you take out an Interest Only mortgage you must be sure that you will have enough money to repay the mortgage at the end of the term.

Important Information


All applications are subject to status and our leading criteria. This means that the ammount we will lend you will not depend on your individual circumstances, the type of property and the ammount you borrow. For example, we nay require a higher deposit if you are buying a flat or a new built property.