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2 year fixed rate Santander remortgage 1.21% product fee £999. Free valuation and standard legal fees paid
892°

2 year fixed rate Santander remortgage 1.21% product fee £999. Free valuation and standard legal fees paid

23
Posted 26th Oct
2 year fixed rate

Compare

Monthly cost

£612

Initial rate

1.21%

Product fee

£999

Overall cost for comparison (APRC)

3.5%

Changing to our
Follow-on Rate

4.00%

Maximum loan to value

60%

Differential to Bank of England base rate

n/a

Early repayment charge (ERC)

3% + Repay paid legal fees

Includes: Free valuation and standard legal fees paid

60% LTV

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£999 divide by 24 = £41.60 pm for the product fee plus interest of course,add that to the actual mortgage payment for your calculations.
Not great!
23 Comments
Great if you have a huge mortgage!
Nice, good if you have 60% LTV
Edited by: "Sunil_Mair" 26th Oct
I'm looking for a home right now and this beats my current estimate
Thanks
Is this b2l mortgage rate?
Been the same at Barclays for a while now
parvatik26/10/2019 23:53

Is this b2l mortgage rate?


Off course not. BTL is a business product.
£999 divide by 24 = £41.60 pm for the product fee plus interest of course,add that to the actual mortgage payment for your calculations.
Not great!
chridt27/10/2019 00:47

£999 divide by 24 = £41.60 pm for the product fee plus interest of c …£999 divide by 24 = £41.60 pm for the product fee plus interest of course,add that to the actual mortgage payment for your calculations.Not great!


A lot of these deals work out cheaper if you take the fee free version with a slightly higher percentage/rate, some people just focus on the rate rather than the overall price.
Edited by: "fastcarmaniac" 27th Oct
chridt27/10/2019 00:47

£999 divide by 24 = £41.60 pm for the product fee plus interest of c …£999 divide by 24 = £41.60 pm for the product fee plus interest of course,add that to the actual mortgage payment for your calculations.Not great!


Depends on size of mortgage . I’ve got 1.6% zero fee but this works out cheaper paying the fee
chridt27/10/2019 00:47

£999 divide by 24 = £41.60 pm for the product fee plus interest of c …£999 divide by 24 = £41.60 pm for the product fee plus interest of course,add that to the actual mortgage payment for your calculations.Not great!


Reminds me of a discussion on phone with Santander mortgage advisor few years back. Trying to tell me what a great discount rate I was getting. I did a few sums as he talked and worked out that after fees I was saving £120 over 2 years. A measly £5 a month. Soon took the wind out of his sails and needless to say the conversation quickly ended and I went elsewhere. Some of these banks think we are too thick to see through their smoke and mirrors deals.
chridt27/10/2019 00:47

£999 divide by 24 = £41.60 pm for the product fee plus interest of c …£999 divide by 24 = £41.60 pm for the product fee plus interest of course,add that to the actual mortgage payment for your calculations.Not great!


I have been told by Santander mortgage advisor that this deal 1.21% with £999 product fee (paying £612 a month) is cheaper than 1.59% without product fee £999 (paying £636). I don't know how they calculated it.
adrianw27/10/2019 08:44

I have been told by Santander mortgage advisor that this deal 1.21% with …I have been told by Santander mortgage advisor that this deal 1.21% with £999 product fee (paying £612 a month) is cheaper than 1.59% without product fee £999 (paying £636). I don't know how they calculated it.


Depending on your circumstances, it could be "cheaper" as you might be paying off more capital with the lower interest rate even though there is a fee attached. This is particularly the case if your mortgage is very large.
adrianw27/10/2019 08:44

I have been told by Santander mortgage advisor that this deal 1.21% with …I have been told by Santander mortgage advisor that this deal 1.21% with £999 product fee (paying £612 a month) is cheaper than 1.59% without product fee £999 (paying £636). I don't know how they calculated it.


He's selling you a dream mate that's a diff of £24 a month, over the 2 years that's £576 so you actually lose out £423, for the fee to be worthwhile you need to save more then the fee amount
shawnlee26/10/2019 23:33

I'm looking for a home right now and this beats my current estimate

jutsubay27/10/2019 08:48

Depending on your circumstances, it could be "cheaper" as you might be …Depending on your circumstances, it could be "cheaper" as you might be paying off more capital with the lower interest rate even though there is a fee attached. This is particularly the case if your mortgage is very large.


I have tried to calculate it but no luck. Maybe you can
chridt27/10/2019 09:36

For those trying to work mortgage deals out this may …For those trying to work mortgage deals out this may help-https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/#results


Thank you for the information. Nothing changed compared to mine calculation. I can save £366 without the fee £999
I've just taken out a mortgage with Santander which said Legal Fees Paid - they've actually given me £250 cashback - the legal fees were £480! Might be worth keeping in mind.
Edited by: "Jackboy" 27th Oct
Why would anyone want to pay a product fee.
I used hsbc fee free products all the time.
Once i paid 99quid fee for a very low rate.
Hsbc was always cheaper for me.
I managed to paid off my mortgage in 7 years and 4 months.
Borrowed 137500 and paid back about 156000 including interest.now house is worth 220000.
Dream deal;)
Now selling house anf moving abroad and I will build a housr for 60 000 and the rest of money to boy some flats for rent and live off it.
My tip for all of you guys...always overpay..100quid or 500 quid its doesbt matter.
Overpay as much as your allowed or can.
My hsbc have had unlimited overpayment and no penelties.
I started off with rate 4.69 and ended with I belive 1.19.
My mortgage was 624 for start and dropped down to 79 quid a month!!!.
So do overpay and check yor LTV loan to value.
When your house has lover ltv ask the bank for lover rate asap.
I stayed with hsbc as i done all on line quick.
I was on tracker since 2009 when recession started.i knew that for 5 years at leadt there will be now % rise...so I took adventache of it.
Good luck!!!
beamo27/10/2019 21:28

Why would anyone want to pay a product fee.


because for some people it works out cheaper...
Avatar
deleted2172605
bahahah santander literally refused us a mortgage, why, because my wife (at the time) was not a British citizen. Doesn't matter that we could actually afford it
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