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Santander Mortgage Reviews

The first Santander branches opened in the UK in 2004, after the global bank, Banco Santander, acquired Abbey National. The Abbey National, a building society,  had been a British stalwart and this helped Santander quickly settle into the high street.  Santander accounted for over 10% of the annual mortgage lending in the UK  but in early 2022 they announced the end of their residential mortgage services. Commercial mortgages are still available at Santander and Quotezone’s independent comparison tool can find you the best commercial mortgage quotes.

Is Santander no longer taking new mortgage applications?

As of 11th February 2022, Santander stopped accepting new residential mortgage applications.  Individuals who already have a mortgage with Santander, or applied before that date should be unaffected by these changes.

Why did Santander stop offering mortgages to new customers?

Santander advised that moving away from mortgages allowed them to focus on their digital capabilities, products and services.  They felt by doing so they would ultimately better serve their customers.

What happens if I already have a mortgage with Santander?

Santander no longer accepts applications for new residential mortgages but if you already have a mortgage with them, your current rate, term and repayment schedule will continue unchanged for now. 

My mortgage with Santander was pre-approved.  Will I still get a mortgage with them? 

If your mortgage was pre-approved before midnight on the 11th February 2022, you will be able to proceed with this mortgage. Unfortunately, if you were unable to get pre-approval before this date, you will not be able to secure a residential mortgage with Santander.

Does Santander still offer HELOC?

HELOC (home equity lines of credit) are no longer available to new Santander customers.  If you already have a HELOC with Santander the bank will continue to service the product for now.

Does Santander still offer commercial mortgages?

Yes! Even after the provision of new residential mortgages ended, commercial mortgages are still available.  So, if you’re looking to buy business premises or an investment property, you can still apply for a mortgage with Santander.

Check Santander mortgage reviews in the first instance.

Santander has stopped residential mortgages – does that mean the bank is in trouble?

If you’re an existing mortgage customer of Santander, it’s natural that you may feel a little anxious after hearing that they’re no longer offering new residential mortgages.  

Santander is part of the larger Euro-bank Banco Santander, which continues to forecast a good recovery from the difficult “pandemic years” in finance. The reason for ending residential mortgages appears to have no link to any difficulties within the bank.

Is Santander good for mortgages?

Which? reviewers rated Santander a joint eighth in their comparison table of UK mortgage lenders.  Santander mortgage reviews were considered a very good provider in terms of customer service, query and complaint handling and value for money. 

Santander now only offers commercial mortgages but continues to service existing residential properties.

How much can you borrow with a Santander commercial mortgage?

Santander offers commercial mortgages of between £25,001 to £1 million, giving you plenty of scope should you be seeking larger premises for your business.

Which credit scores does Santander use?

To assess your credit history and score, Santander uses:

• Experian
• Equifax
• TransUnion

If you are ready to find a new mortgage, start your search now.