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Santander Product Transfer Rates

Today’s Santander Rates

Rates updated October 6, 2023

Current Santander residential mortgage product transfer rates start from 4.99%

Current Santander buy-to-let mortgage product transfer rates start from 5.21%

What is the process to switch my Santander Mortgage Rate

What we will need from you

  • Your Mortgage account number this is shown on your mortgage statement or in the Mortgage area of online banking
  • Your name
  • Your contact details
  • Your date of birth
  • Mortgage property postcode

The process

  • We will email you within one working day with a single sheet listing details of your current mortgage and all the mortgage rate options available to you with Santander going forward
  • We can then answer any queries you may have and help you to decide on the best rate for your needs
  • Once a decision has been made, we will generate a product transfer mortgage offer for you and Santander will send you a link via email to review and accept your offer (within 14 days)

What about costs?

Broker Fees

We do not charge any broker fees for handling Santander product switches

Lender Fees

Santander does charge product fees on some mortgage product options. Where a product fee is charged it will be in your interest to cover the fee in order to access a mortgage product with a lower interest rate saving your money overall.

Residential product fees with Santander are typically £499 or £999, these may be paid upfront or added to your loan. You will always have no fee options available on Santander mortgage product transfer.

Buy-to-Let product fees with Santander are typically £749 or £1,749, these may be paid upfront or added to your loan. You will always have no fee options available on Santander buy-to-let mortgage product transfer.

When will my new Santander mortgage deal start?

If you are currently on the Santander standard variable rate (SVR) or a lifetime tracker deal, you will be switched to your newly selected Santander rate immediately.

If the early redemption penalty on your current rate has not yet expired, timescales will depend on your personal circumstances.

If your new Santander mortgage deal has a rate equivalent to, or lower your current rate, the early redemption penalty on your current rate will be waived, and your new rate will start without delay.

If your new product transfer rate is higher than your current rate, the new rate will be held to take effect when your current rate ends.

Can I cancel a Santander Product Transfer Mortgage Offer?

You can cancel a Santander Product Transfer Mortgage Offer up to 14 days before the new rate is due to start.

This is especially useful if you have secured a rate early in your rate switch window and find a lower rate has since been issued.

Santander BTL Product Transfer Rates

Santander BTL Product Transfer switches are handled in the same way as residential product switches.

If Santander has given you consent to let your property you cannot switch your mortgage using the residential product transfer options. In these circumstances the rates available to you will be those from the buy to let product transfer range.

In these circumstances you should call Santander on XXXXXXX

Santander Early Repayment Charges

Step1 year fixed2 year fixed2.5 year fixed3 year fixed5 year fixed7 year fixed
11%2%2%2%5%5%
21%1%2%5%5%
31%3%5%
43%3%
51%3%
63%
71%

When we cannot help

We cannot help Santander borrowers where:

  • The mortgage has less than 2 years 6 months to run
  • The mortgage has been in arrears in the past 12 months
  • The mortgage was formally an Alliance and Leicester account
  • The mortgage is a Santander flexible offset arrangement
  • You wish to change your Santander mortgage term
  • You wish to borrow more or make an overpayment
  • You wish to change to an interest only type mortgage

What about re-mortgaging to another Lender?

We have access to the whole of the UK market and can look to place you with a new Lender is required.

Re-mortgaging to a new Lender may be beneficial if Santander rates are not competitive (they typically are).

A re-mortgage will involve credit searches, proof of income, valuation, legal work.