Head of Content
Mortgage Advisor & Director
About Abbey National mortgages
Abbey National, which traded as Abbey, was a major bank in the UK. They offered a range of mortgage products but were bought out by Santander in 2004 for £9 billion.
The Abbey brand was gradually phased out over the years, although the Abbey for Intermediaries trading style - which offered broker-exclusive mortgage deals - remained in operation until 2013 when Santander absorbed it into its core mortgage business.
Given that Abbey mortgages were still offered as recently as 2013, they have existing customers, who have the option to move onto a Santander deal or find a new lender.
Are Abbey mortgages still available?
Technically, no - but equivalent mortgage products to what they offered are available through Santander under the parent company’s branding. The Spanish banking giant offers a wide range of mortgage types, including ones Abbey previously specialised in, such as:
- 2, 3 and 5-year fixed-rate mortgages
- 2-year tracker mortgages
- Remortgages
- Buy-to-let mortgages
If you are still on an existing Abbey mortgage, speak to a broker about your options, the main ones being remortgaging onto a Santander deal or finding a new lender.
What rates are available?
Abbey mortgages are no longer available, so if you are looking for one, what you are actually searching for is a Santander mortgage deal. The rates they are offer are generally competitive with other high street lenders, and lower than what specialist lenders offer:
You can compare the latest rates from Santander with more than 90 of their competitors for free, or have one of our brokers do it for you, below:
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We work with 90+ mortgage lenders from across the market, including Abbey. 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 Abbey 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!
How much can you borrow?
Santander, which now offers Abbey mortgages under its own branding, will let you borrow between 4.45 and 5.5 times your annual salary. They will use their highest income multiple (5.5 times salary) if you are remortgaging without capital raising, or if it’s a purchase application where the borrower’s salary is £100k or more and the LTV 75% or lower.
Are you eligible for a Santander mortgage?
If you are an existing Abbey mortgage customer, the chances are you may have already remortgaged onto a deal with a different lender by now. If that isn’t the case and you are keen to remain with Abbey’s parent company, you will find their eligibility criteria below:
- Deposit requirements: Start at 5% of the property’s purchase price.
- Credit history: There are some bad credit mortgage options available through Abbey’s parent company, but borrowers with severe issues (such as bankruptcy) or adverse that occurred in the last three years might need a specialist lender.
- Age limits: Borrowers must be no older than 69 at the beginning of the application, or 75 at the end of the mortgage agreement. These age limits change to 64 upon application and 70 at the end point if any part of the mortgage is interest-only.
- Employment history: If you are self-employed, you will need at least two years’ accounts to evidence your income. There is no minimum amount of time you need to have been in an employed role for to get a Santander mortgage.
Switching from an Abbey deal to a Santander mortgage is just one of the options that could be available. Speak to a mortgage broker for a rundown of the alternatives.
Speak to a broker about Abbey mortgages
If you were an existing Abbey mortgage customer and need professional advice about your options, our mortgage brokers are well placed to offer the guidance you need.
Those who are seeking a new Abbey National mortgage should be aware that they are no longer available, but Santander offers equivalent deals to the now-discontinued Abbey mortgage range, as do a number of other high street mortgage providers.
Our brokers are whole-of-market and can help you achieve the best outcome, whether you’re an existing Abbey borrower or seeking an equivalent deal. Here are just some of the reasons our valued customers choose Teito for their mortgage needs:
- You can access every mortgage lender on the market
- Our brokers can secure exclusive rates and deals
- We are 5-star rated on leading review websites
- Your first consultation is FREE
Ready to take advantage of a free, no-obligation chat with one of our mortgage advisors to discuss your options? Get started here.
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
No. Not only are Abbey mortgages no longer available, parent company Santander does not offer offset mortgages. Read our offset mortgage guide to find a lender that does offer them.