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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 being offered as recently as 2013, they still 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:

If you are still on an existing Abbey mortgage, you should 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:

Compare the latest mortgage rates from 90+ lenders for FREE

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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.

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.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.