Head of Content
Mortgage Advisor & Director
Santander
About Santander
Santander UK is one of the largest banks in Britain and is a wholly owned subsidiary of global banking firm Banco Santander. They offer a wide range of consumer and commercial services and have around 14 million active customers as of January 2024.
You can compare the latest mortgage rates from Santander with 90+ other lenders below:
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We work with 90+ mortgage lenders from across the market, including Santander. We can help you compare mortgage rates from different lenders and find the best deal for you.
Use our free comparison tool to compare mortgage rates from 90+ lenders in seconds. We'll show you the latest deals from Santander and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form or call 01484 242424 to speak to our expert mortgage advisers today!
What type of mortgages do they offer?
Santander’s UK arms offers the following types of mortgages:
- Residential mortgages: Including exclusive products for first-time buyers and borrowers who need support from their family to purchase a home.
- Remortgages: Including deals for borrowers who are switching to Santander from another lender, and exclusive products for existing customers.
- Buy-to-let mortgages: These mortgages are only available to new Santander customers if the borrower is applying for one through a mortgage broker.
Santander’s residential mortgage product range is dominated by fixed-rate deals with 2, 3 and 5-year introductory rates periods, as well as 2-year tracker mortgages. Capital repayment and interest-only options are available.
What interest rates are available?
As a high street mortgage lender, Santander's mortgage rates are generally competative with other mainstream banks, and are lower on average than specialist lenders' ranges.
The exact rate they will offer you will depend on the amount of deposit you have, the overall strength of your application and the type of product you choose.
You can compare the latest mortgage rates from HSBC with their competitors across the market using our free mortgage-sourcing tool.
Residential mortgage criteria
Below you will find a summary of the eligibility criteria for a Santander residential mortgage:
- Deposit requirements: Start at 5% of the property’s value (95% loan-to-value).
- Credit history: Some bad credit mortgage options are available. For example, Santander will consider applicants with CCJs or debt management plans if the issue was discharged 3-6 years ago, but more severe issues may trigger a rejection.
- Age: The maximum age a borrower can be upon application is 69, or 75 at the end of the application. If any part of the mortgage is interest-only, age caps are 64 and 70.
- Self-employed requirements: Self-employed applicants will need at least 2 years’ accounts to evidence their income for the affordability assessment.
Buy-to-let mortgage range
Santander’s UK buy-to-let mortgage range cannot be accessed with a mortgage broker, this is something Teito can help you with. Our brokers are buy-to-let specialists - not only do they have access to Santander deals, they can sometimes secure exclusive rates too.
Below you will find a summary of the key criteria for Santander’s buy-to-let mortgages:
- Deposit requirements start at 25%
- Available to first-time landlords
- Rental cover must be 125% for basic rate taxpayers or 140% for higher rate
- Santander don’t lend to portfolio landlords
- One applicant must have personal income of at least £25,000
Santander’s buy-to-let mortgages are fixed-rate deals with 2, 3 or 5-year initial rates periods.
How much will Santander let you borrow?
Santander caps its maximum mortgage lending at between 4.45 and 5.5 times the borrower’s annual salary. They will use the highest income multiple if it’s a remortgage without capital raising, or if the applicants’ combined income is over £100,000 and the LTV is 75% or lower.
You can use our calculator below to work out how much you could borrow within these income multiples:
Are Santander a good mortgage lender?
Santander currently holds an average rate of 1.4/5 on TrustPilot, based on over 6,700 reviews. This is, however, based on reviews of all of its products and services.
Consumer group Which? carried out an in-depth review of the mortgage market in October 2023 and ranked Santander in joint 5th place out of 22 UK lenders. The bank’s mortgage arm received an above-average customer satisfaction rating of 71%.
Pros and cons
The table below highlights some of the pros and cons of Santander as a mortgage lender to help you decide whether they are the right option for you:
|
Advantages |
Disadvantages |
|
Some bad credit mortgage options available |
Limited options for borrowers who are newly self-employed |
|
Flexible options for buy-to-let mortgages (including deals for first-time landlords) |
Later-life borrowers are referred elsewhere |
|
Can lend based on high income multiples |
Fewer options for first-time buyers than some competitors (no guarantor mortgages or support for the First Homes scheme) |
|
Low deposit mortgages available |
Difficult to be approved with moderate-to-severe bad credit |
Compare mortgage rates and deals from Santander
Teito offers a free service that allows you to compare Santander’s mortgage rates with deals from other lenders across the market in real time. You can choose the mortgage you want online and access expert support from one of our brokers at any point.
Follow the steps below to browse rates in real time and choose your mortgage online:
Get started here: Then select whether you are looking for a two-year fixed-rate mortgage to buy a property or for remortgage purposes.
Specify the purpose of the property: You can compare two-year fixed-rate mortgages for residential or buy-to-let purposes, as well as remortgages.
Choose your own mortgage: Finally, tell us what stage you are at in the process and you can compare rates from across the market and choose the deal you want.
After you have selected a mortgage deal, one of our mortgage brokers will check over your application before securing an agreement in principle for you. They will be on hand to offer bespoke advice, make sure you’re getting the best deal, and oversee your application.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
Compare Quotes Online
Next you can view rates and deals from across the entire market online and choose the one you want in real time
Apply Online
We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you
FAQs
Santander do not directly offer retirement mortgages but have partnered with Legal & General to handle any enquires they receive in this area. They refer customers over 55 to them for advice on lifetime mortgages and retirement interest only (RIO) agreements.