Santander offer borrowers three types of mortgage: fixed rate mortgages, tracker rate mortgages, and lifetime tracker mortgages. First-time buyers also have the opportunity to open a Help to Buy ISA with Santander.
Santander fixed rate mortgages
A fixed rate mortgage with Santander enables you to fix your rate for a number of years (typically two, three, or five). During this time, your monthly payments will stay the same. When your fixed rate period ends, you’ll move onto the Santander Standard Variable Rate unless you remortgage.
Santander tracker rate mortgages
This mortgage has an initial rate period (usually two or three years), during which time your rate tracks above the Bank of England’s Bank rate. Following this, you’ll move onto the Santander Standard Variable Rate.
Santander lifetime tracker mortgages
With a Lifetime Tracker mortgage, your rate will track above the Bank of England’s Bank rate for the entire term of your mortgage.
Santander Help-to-Buy ISA
For every £200 you save, you’ll receive a government bonus of £50 (the maximum government bonus you can receive is £3,000).
Santander Shared Ownership mortgages
One way of getting on the property ladder is through a Shared Ownership scheme, run by a Housing Association. With these mortgages, the Association owns part of the property and you take a mortgage out on the rest.
You pay rent on the part of the property owned by the housing association and also have the ability to ‘staircase’ - depending on affordability checks - to purchase a higher share of the property, all the way until full ownership.
Santander buy-to-let mortgages
Santander offer a range of buy-to-let products with varying LTVs and fees. Borrowers will need to meet certain criteria to be eligible to apply. For example, at least one applicant must have a minimum income of £25,000 and at least one must own the residential property they live in.