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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.

The latest figures from trade group, UK Finance, named Santander as the fourth largest lender in the UK, with an 11.4% market share. The bank did, however, cut their mortgage lending by £10 billion in October 2023, citing a slowing market as the reason for this.

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 through Santander if the borrower is applying for one through a mortgage broker.

Santander’s residential product range is dominated by fixed-rate mortgages with 2, 3 and 5-year introductory rates periods, as well as 2-year tracker mortgages.

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.

What interest rates are available?

At the time of writing (January 2024), Santander’s residential mortgage rates start at 4.39% for a 5-year fixed-rate mortgage for borrower’s with 60% LTV. Rates gradually increase as the loan-to-value ratio rises, with the majority of deals falling in the 5-5.5% bracket.

Buy-to-let mortgage rates currently start at 4.71% for a 5-year fix with 60% LTV.

Santander’s standard variable rate is set at 7.5% right now.

Want to know how Santander’s mortgages compare to the competition? You can browse deals from across the market for free on Teito and choose one in real time - get started here.

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.


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%.

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.
 

FAQs

Does Santander offer retirement mortgages?

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.

Does Santander offer guarantor mortgages?

No. But they do have options for borrowers who need to apply for a mortgage with support from a family member, such flexibility around gifted or loaned deposits.

Does Santander offer expat and international mortgages?

Santander does not accept applications from expats who are currently overseas but will consider lending on day one of their arrival in the UK, subject to a permanent employment contract and satisfactory credit check.

Their parent company has a presence in countries across the world, so Santander is well placed to offer international mortgages for borrowers who are buying overseas.

Does Santander provide commercial mortgages?

Santander offers commercial mortgages through a separate division to its residential mortgage arm. See our page about Santander commercial mortgages for more information.

Are Santander mortgages portable?

Yes, under certain conditions, you should be able to port your Santander mortgage when you move house. This means that you will take your Santander mortgage with you when you move, rather than having to close it and apply for a new one.

Can you overpay on a Santander mortgage?

Yes, it is possible to make overpayments on Santander mortgages up to a maximum of 10% of the outstanding mortgage balance annually. If you exceed this threshold, you could face paying early repayment charges.

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Choose Your Own Mortgage

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.