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UK's 4th largest lender

Santander lent just over £28bn in 2018. That's almost 11% of all mortgage lending.

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15-day submission time

That's 1 day faster than the average of 25 lenders we measured.

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Borrow 5.5x your income

You could borrow up to this amount if you meet the lender's requirements.

About Santander

Santander is one of the UK’s largest mortgage lenders, responsible for 10.5% of all mortgage lending in 2018 - which is around £28 billion. (1)

Founded in 1857 in Santander, Spain, it serves more than 100 million customers in Europe, the UK, and Latin America.

Santander mortgage deals are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.

We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed, and affordability.

In this review we'll cover:

Is Santander a good mortgage lender?

There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.

We looked at Santander’s customer complaints record between July and December 2018. During this period the Financial Conduct Authority (the financial regulator) received 4,844 officially upheld complaints from Santander mortgage customers.(2) That’s around 0.4% of customers and is the same as the 0.4% average across major lenders.*

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Santander mortgage application take?

During the last six months, the average speed that Santander processed a Trussle customer’s successful mortgage application was 15 days. That's less than the 16-day average across all the lenders we’ve submitted applications to.

Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

These details were last updated on 8th August 2019.

How much could I afford to borrow from Santander?

Santander could lend up to a maximum of 5.5 times income before tax, depending on your circumstances.

These details were last updated on 8th August 2019.

Santander's lowest mortgage rates

Santander mortgage rates will vary depending on the type of mortgage you’re recommended.

The following Santander mortgage rates are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

Compare deals from all lenders >

Lowest 2 year fixed rate

1.74%

Initial rate

3.70%

Annual Percentage Rate of Charge (APRC)

Details

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 25 month period, costing £941.26 per month for 275 months. Total amount payable is £278,963.75 including interest and fees. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Lowest 5 year fixed rate

2.14%

Initial rate

3.40%

Annual Percentage Rate of Charge (APRC)

Details

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 61 month period, costing £924.18 per month for 239 months. Total amount payable is £270,034.53 including interest and fees. True cost based on a 60 month period. This deal was last updated on 1st March 2019.

Standard Variable Rate

4.00%

Standard Variable Rate (SVR)

Details

This rate was last updated on 1st March 2019.

Santander's best mortgage deals

The following Santander mortgage deals are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

We’ve searched for the most competitive deals according to true-cost. This includes capital and interest repayments, fees, and incentives due over the initial period of the deal, and is a more effective way of comparing deals than looking for the lowest interest rate deal.

Compare deals from all lenders >

First-time buyer

£18,966.59

True cost over initial period

£782.16

Monthly payment

Details

Includes £444.75 upfront fee. 2.14% initial rate reverts to 4% SVR after initial 25 month period, costing £944.58 per month for 275 months. Total amount payable is £279,758.25 including interest and fees. That’s a 3.70% APRC. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Remortgage

£18,966.59

True cost over initial period

£782.16

Monthly payment

Details

Includes £444.75 upfront fee. 2.14% initial rate reverts to 4% SVR after initial 25 month period, costing £944.58 per month for 275 months. Total amount payable is £279,758.25 including interest and fees. That’s a 3.70% APRC. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Frequently asked questions (FAQs)

This information was last updated on 29th May 2019.

What is a Santander Mortgage in Principle?

The first part of the application process is to get a Mortgage in Principle (otherwise known as a Decision in Principle or Agreement in Principle). Having one shows that, in principle, you’ve got the financial means to buy a property up to a certain value.

Trussle can provide you with a free Mortgage in Principle quickly.

What types of mortgages do Santander offer?

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

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.

How long does is take to get a mortgage offer after the valuation has taken place?

As soon as your mortgage application is complete, the lender (in this case, Santander) will arrange for the property to be valued in order to check that its value is suitable for the mortgage you need.

Santander will then make a formal mortgage offer after they’ve received the valuation, at which point your mortgage is ‘approved’.

How long is a Santander mortgage offer valid for?

Yes, Santander mortgage offers will expire if you don’t complete the purchase of your property within the agreed time.

How long your Santander mortgage offer lasts will vary depending on the terms of your deal. Generally, however, it will last between three and six months from when you receive the offer in writing. This will be after the bank has received the valuation of the property you wish to buy.

When will Santander release my mortgage funds?

Santander will usually release funds for your mortgage on your completion day — that is, the day you pick up the keys to the property. This is also when your mortgage deed will be lodged with the land registry.

You’ll set your completion day when you exchange on the property.

When would my first mortgage payment to Santander take place?

Santander will get in touch with you once you’ve completed, letting you know when your first payment will be and how much you’ll have to pay.

You might find that your first mortgage payment is slightly higher than you were expecting. This is usually because of a gap between when you complete on your purchase and the end of the month, which can mean you’re paying more interest than usual.

Can I overpay my Santander mortgage?

Santander allows you to make unlimited overpayments on all variable-rate mortgages. But there’s an overpayment limit of 10% per calendar year if you choose a fixed-rate mortgage.

This means you’ll only be able to pay 10% more than your regular payments without incurring an overpayment fee. And this 10% doesn’t carry over from one year to another, so you can’t save up your overpayments either.

There’s also a £500 minimum on overpayments, regardless of which rate you’re on.

What happens when my fixed-rate period ends?

When your fixed rate period is over, you’ll automatically move over to Santander’s follow-on rate. This is a variable-rate mortgage which is directly linked to the current Bank of England (BoE) base rate. If the base rate goes up, your mortgage payments will increase. If the BoE drops the base rate, your monthly payments will go down.

That makes the follow-on rate a little different to Santander’s Standard Variable Rate (SVR), which isn’t directly tied to the BoE base rate.

How do I get a mortgage statement from Santander?

You can manage your Santander mortgage online. When you sign up to Online Banking you’ll create a Santander mortgage login which allows you to view information such as your current mortgage arrangements, interest rates, outstanding balance, and more.

Will I be able to manage my Santander mortgage online?

Yes. Once you’ve signed up for online banking, you’ll be able to see your mortgage information online. This includes:

  • outstanding balance

  • remaining term

  • next monthly payment

  • interest rate

  • the previous year of payments (including any overpayment charges)

This will all be available to view alongside any other accounts you hold with Santander.

Will I need life cover or critical illness cover with a Santander mortgage?

No, Santander doesn’t expect you to have life insurance or critical illness insurance to get a mortgage. They do, however, require you to have buildings insurance, which covers damage caused by the likes of fire, flooding, storms, and subsidence.

Santander also recommends you take out contents insurance. This covers the contents of your home, but isn’t technically a requirement.

Did Santander mortgages have PPI?

Like many major mortgage providers, Santander sold Payment Protection Insurance — or PPI for short — alongside mortgages in the past. Changes to the rules governing how PPI is sold mean that you won’t be misled if you choose a Santander mortgage today, though.

PPI is designed to cover you in case of accident, unemployment, or sickness. It usually applies to credit cards, loans, and mortgages. If you think that Santander has previously mis-sold you PPI, you can follow their complaints procedure.

How do I contact Santander about a mortgage?

If you’d like to contact Santander directly to discuss mortgage options, or if you’re an existing Santander mortgage customer and need to get in touch, there are a number of ways to do so.

Santander mortgage phone number: You can call 0800 783 9738. Lines are open from 8am to 7pm on Monday to Friday, and 9am to 2pm on Saturday.

Branch: Use Santander’s branch locator tool to find your nearest branch.

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Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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Sources

Deal and rate data was sourced by Trussle. All other information was sourced from Santander’s own website, unless referenced below.