first mortgage payment santander

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Now that you are a homeowner, one of your key responsibilities is making the mortgage payments. And you do not want to fall behind on your first mortgage payment and ruin your good credit score that got you a mortgage in the first place!

The key dates and numbers you need to have in your mind are:

  1. The Completion Date. This is the date where the interest and principal repayments of your mortgage start accruing from.
  2. The agreed Direct Debit date with your mortgage lender. This should be in your mortgage paperwork, the date agreed with your lender when the Direct Debit payment will be taken from your Current Account. This date should be monthly.
  3. The monthly amount of interest and principal repayment for your mortgage.

Working out your First Mortgage Payment Date

The vast majority of lenders work on a Calendar Month basis, in terms of your mortgage payment. This means if you chose the 10th of each month as your payment date, that payment will be for the interest and principal repayments for that calendar month. Let us call this the Recurring Payment Date. However, some mortgage lenders work in arrears (i.e. they will wait till the month is over before charging for that month) or in advance (they will take it for the next month in advance) but that is rare.

When you Complete, the First Payment Date is usually different from the Recurring Payment Date. This is because there is the problem of a partial month to pay since your Completion Date is very unlikely to be the first of the month.

The First Payment Date after completion is usually in the calendar month after completion. For example, if you completed on the 10th August, your bank will chose a date in September to take payment. Sometimes this is your Recurring Payment date, but sometimes it is not. It depends on your mortgage lender’s policies on the first mortgage payment.

Your first mortgage payment amount after completion will be higher than a usual mortgage payment, as it will include the partial month from your Completion Date, as well as the full month when the payment is taken.

Here is an illustrative example:

  • Your monthly mortgage is £1000 a month
  • You agree a Recurring Payment date of 20th of each month for the Direct Debit
  • You complete on the 10th August (so you have 22 days to pay in August)
  • Your mortgage lender will likely take First Payment in September
  • Your First Mortgage Payment after completion will be the sum of [22 days in August] + [Whole of September]. So roughly £709 + £1000 = £1709
  • Your Recurring Payments Direct Debit will start from the 20th October, and will be roughly £1000 a month

Why Estate Agents ask for proof of funds

Calculating your first mortgage payment

The best way to find out your first mortgage payment is to ask your mortgage lender! They should provide documentation, when the Completion Date has been set, on how much the first mortgage payment amount will be.

In that document, they should also outline what date they will take the first mortgage payment, first mortgage payment santander well as the Recurring Payment date that will be set up for your ongoing Direct Debit.


First Mortgage Payment Policies by Lender

First mortgage payment policies by UK Bank

Want to know the exact policy of your mortgage lender or bank, with regards to your first mortgage payment? We have compiled what we know for some of the largest mortgage lenders in the UK.

Big caveat – these policies are subject to change at any time by the mortgage lender, so make sure you check with them directly for final confirmation.

List of banks we have investigated First Mortgage Payment policies:

  1. Halifax Bank
  2. Nationwide Bank
  3. Natwest Bank
  4. Virgin Bank
  5. HSBC Bank
  6. Barclays Bank
  7. Santander Bank

Halifax Bank – First Mortgage Payment (full details)

  • They will let you know the amount after your mortgage is complete
  • First payment is in the month after completion
  • First payment day is normally on the Recurring Payment day, but not if you Complete on your property within the last 4 days of the month, in which case your first payment date will usually be on the 10th of the next calendar month

Nationwide Bank – First Mortgage Payment (full details)

  • Within 5-7 working days after your completion date, you will receive a written confirmation of the date and amount of your first mortgage payment
  • Your first mortgage payment can be higher than your ongoing monthly payment
  • No other guidance given. Probably conservative to budget for double the usual monthly amount, just to be on the safe side

Natwest Bank – First Mortgage Payment (full details)

  • No detailed guidance given, except that they will send you a letter after Completion with when they will take your first mortgage payment and the amount
  • Probably conservative to budget for double the usual monthly amount, just to be on the safe side

Virgin Bank – First Mortgage Payment (full details)

  • First payment will always be on the 7th of the next calendar month after completion
  • No other details given. Presume that payment will include the full calendar month, as well as the partial calendar month of your Completion Day

HSBC Bank – First Mortgage Payment

  • HSBC does not publish any guidance online when the first mortgage payment will be taken
  • However, we expect them to have a different First Payment Date than the Recurring Payment Direct Debit date
  • Call or email your HSBC mortgage advisor that you had been assigned, or ask your mortgage broker
  • Keep a look out for a letter via email or in the post after Completion Day
  • Conservatively budget for double the regular monthly amount to be taken, sometime in the calendar month after your Completion Day

Barclays Bank – First Mortgage Payment

  • Barclays does not publish any guidance online when the first mortgage payment will be taken
  • Anecdotal evidence from First Time Buyers we have helped, is that they use the Recurring Payment Date, and take the First Payment in the calendar month after completion
  • Therefore, the First Payment amount will be higher than usual, as it is a full month as well as a partial month from your Completion Day
  • However, we strongly advise you to contact your Barclays mortgage advisor that you have been assigned, or talk to your first mortgage payment santander broker
  • Keep a look out for a letter via email or in the post after Completion Day
  • Conservatively budget for double the regular monthly amount to be taken, sometime in the calendar month after your Completion Day

Santander Bank – First Mortgage Payment

  • Santander does not publish any guidance on the first mortgage payment on their website
  • Anecdotal evidence from First Time Buyers we have asked is that Santander collects mortgage payments in arrears (i.e. a payment made on the 10th August will be for the mortgage charges in July, not August)
  • In addition, it looks like the First Payment date is the same as the Recuring Payment date for the Direct Debit, rather than a one-off first mortgage payment santander payment
  • The amount is probably less than your normal mortgage amount as you are paying in arrears, and therefore you only have a partial month to pay unless your Completion Day was the 1st of the month.
  • However, we strongly advise you to contact your Barclays mortgage advisor that you have been assigned, or talk to your mortgage broker
  • Keep a look out for a letter via email or in the post after Completion Day
  • Conservatively budget for double the regular monthly amount to be taken, sometime in the calendar month after your Completion Day
Categories Moving InTags Budgeting, Finances, Mortgage, Mortgage Broker, Mortgage Lender, Mortgage Payments, Things to Plan

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Источник: https://www.ftb.help/when-first-mortgage-payment-is-due-after-completion/

Santander UK

Santander UK plc (, )[2] is a British bank, wholly owned by first mortgage payment santander SpanishSantander Group. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance.

Santander UK is one of the leading personal financial services companies in the United Kingdom, and one of the largest providers of mortgages and savings in the United Kingdom. The bank has circa 20,000 employees, 14 million active customers, 64 corporate business centres.[3]

The bank, with its head office in Euston, London, [4][5] was established on 11 January 2010, when Abbey National plc was combined with the savings business and branches of Bradford & Bingley plc, and renamed Santander UK plc. Alliance & Leicester plc merged into the renamed business in May 2010.

In a March 2020 moneysavingexpert.com poll, customers satisfaction with the levels of customer service ranked Santander second among major high street banks.

In October 2011, Moody's downgraded the credit rating of twelve financial firms in the United Kingdom, including Santander UK, blaming financial weakness.[6] In June 2012, Moody rated Santander UK as being in a more financially healthy position than its parent company, Banco Santander. Less than 1% of Santander UK's business is held abroad.[7]

History[edit]

Establishment[edit]

Santander UK head office, Triton Square, London

The bank has its origins in three constituent companies—Abbey National, Alliance & Leicester and Bradford & Bingley—all former mutual building societies.

Abbey National, trading as Abbey, had been bought by the Santander Group in July 2004 for £9 billion. Santander purchased Alliance & Leicester in the middle of September 2008,[8] followed by the branches and savings business of Bradford & Bingley, which had been nationalised by HM Government during the 2008 banking crisis.[9]

Abbey National and the savings business and branches of Bradford & Bingley were rebranded as Santander on 11 January 2010, and Abbey National plc was renamed Santander UK plc. Formula One driver Lewis Hamilton unveiled the first rebranded Santander branch that day in central London.

A further three hundred Abbey and Bradford & Bingley branches in London and south east England were rebranded that day, with branches in the rest of the United Kingdom following by the end of the month, by which time there were 1,045 Santander branches.[10] Alliance & Leicester plc merged into the bank on 28 May 2010,[11] and was rebranded by the end of the year.[12]

The bank retained the London headquarters of Abbey National and renamed other regional buildings under its own name.[13] The Abbey name was retained initially for Abbey International (now Santander Private Banking), and Abbey for Intermediaries (now Santander for Intermediaries), the division of the bank offering Abbey branded mortgages provided by Santander UK plc.[14]

The charitable divisions of Abbey, Bradford & Bingley and Alliance & First mortgage payment santander were brought together to form the Santander Foundation.[15]

A doc holliday hat tombstone branch of Santander in Peterborough

Due to the three way merger, Santander was in the unusual position of having more than one branch in many British high streets. In Northumberland Street, Newcastle upon Tyne, for example, there were three branches, which were formerly Abbey, Alliance & Leicester and Bradford & Bingley respectively.

Plymouth city centre had four branches within three hundred metres, two of which were adjacent to each other. Until December 2019, Shrewsbury had two branches of Santander in the town centre.[16] In March 2012, the bank began to reduce the number of duplicate branches, identifying 56 that would close. Staff in the branches selected for closure were moved to other nearby branches.[17]

Alliance & Leicester Commercial Bank merged into Santander's business banking division, Santander Corporate Banking, in July 2009.[18]

Recent years[edit]

On 9 March 2010, Santander sold the investment and asset management business James Hay to IFG Group for £35 million.[19] Later in the year, it was confirmed on 4 August that Santander intended to purchase the branches of The Royal Bank of Scotland in England and Wales, and the branches of NatWest in Scotland as part of a divestment of the business by The Royal Bank of Scotland Group.[20] The deal collapsed on 12 October 2012.[21]

Santander has frequently been rated the worst bank for customer service in the United Kingdom,[22] although by July 2011 had sought to improve, notably by returning call centre operations to the United Kingdom from India.[23] During 2011, the bank put aside £538m to cover claims from customers for the misselling of payment protection insurance (PPI).[citation needed]

In December 2012, Santander reached an agreement to sell its store card business, which includes branded cards issued for retailers including Topshop, House of Fraser and Debenhams, to SAV Credit.[24] The sale was completed on 13 May 2013, though Santander continued to service accounts on behalf of SAV Credit until 1 April 2014.[25]

During 2014, the bank considered an initial public offering (IPO), which was expected to be completed within two years.[26] In November 2014, the chief executive of the Santander Group said that an IPO would not be forthcoming until market conditions improved.[27] This view was repeated in July 2015.[28]

In January 2019, the bank announced plans to shut 140 branches during that year, reducing the size of its branch network to 614.[29] In March 2021 the bank announced that it intended to close a further 111 UK branches by August 2021.[30]

Services[edit]

A branch of Santander on Briggate, Leeds

The bank provides a full range of personal, business and corporate accounts, including current accounts, mortgages, credit products and savings and investments. Santander operate online banking services, including mobile apps, and operate an internet only banking division branded Cahoot. Mortgages are also provided through Santander for Intermediaries, a division of the bank used by brokers. The bank's branches on the Isle of Man and Jersey have operated under the brand name of Santander International since 2016.[31]

Santander's Corporate and Commercial Banking division operates from a number of regional business banking centres across the United Kingdom. In May 2013, Ana Botin announced plans to double the number of centres to 70 within three years.[32] Santander UK is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.[33]

It is a member of the Financial Services Compensation Scheme, UK Payments Administration, Bankers' Automated Clearing Services (BACS), the Faster Payments Service, the Clearing House Automated Payment System (CHAPS), the Cheque and Credit Clearing Company, the British Bankers' Association[34] and subscribes to the Lending Code.[35]

Six digit account sort codes are used in the range between 09-00-xx to 09-19-xx. Sort codes for accounts formerly held by Alliance & Leicester use the range 09-01-31 to 09-01-36.

In November first mortgage payment santander, Santander launched the first current account in the United Kingdom without fees (including unauthorised overdrafts) for its current and future mortgage customers.[36] In January 2010, the bank began waiving fees for customers using Santander's automated teller machines in Spain, which traditionally would incur fees for transactions in a foreign currency.[37]

[edit]

Santander-branded bicycles in London

Santander has sponsored the McLaren Formula One team since 2007,[38] and is also the title sponsor of the British Grand Prix. Santander said its sponsorship of McLaren had raised its brand awareness in the United Kingdom from 20 to 82 percent.[39] The bank announced a second team sponsorship, with Scuderia Ferrari, in 2009.[40]

Golfer Rory McIlroy signed a sponsorship agreement with the bank in September 2011,[41] and in February 2013, it was announced that British athlete Jessica Ennis-Hill would become a brand ambassador. In February 2015, Santander was announced as the new sponsor of Transport for London's bicycle hire scheme, branded as Santander Cycles. Santander replaced Barclays as title sponsor.[42]

See also[edit]

References[edit]

  1. ^ abcd"Annual Report 2018"(PDF). Santander. 2019.
  2. ^Wells, John C. (2008). Longman Pronunciation Dictionary (3rd ed.). Longman. ISBN .
  3. ^"Our business". Santander UK plc. Retrieved 22 February 2019.
  4. ^"Ward Map." London Borough of Camden. Retrieved on 28 May 2014.
  5. ^"Registered Office details" (Archive). Santander UK. Retrieved on 28 May 2014. "Santander UK plc. Registered Office: 2 Triton Square, Regent’s Place, London NW1 3AN. United Kingdom"
  6. ^"UK financial firms downgraded by Moody's rating agency". BBC News. 7 October 2011. Retrieved 23 March 2013.
  7. ^"Q&A: Is Santander UK a safe bank?". BBC News. 9 June 2012. Retrieved 23 March 2013.
  8. ^"A&L shareholders approve takeover". BBC News. 16 September 2008. Retrieved 10 August 2009.
  9. ^"Spanish bank giant to acquire B&B". BBC News. 28 September 2008. Retrieved 12 First mortgage payment santander 2009.
  10. ^"Santander rebrands Abbey and Bradford & Bingley". BBC News. 11 January 2010. Retrieved 16 November 2012.
  11. ^"Alliance & Leicester transfer to Santander UK plc". Santander UK plc. 2010. Retrieved 16 November 2012.
  12. ^Santander's decision to rename Alliance & Leicester 'disappointing' Whole foods boston butt is Business - East Midlands. 28 May 2009
  13. ^"Website legal". Santander UK plc. Retrieved 10 December 2011.
  14. ^"Santander to scrap Abbey for Intermediaries brand next Wednesday". Mortgage Strategy. 10 July 2013. Retrieved 27 September 2013.
  15. ^"About us". Santander Foundation bubbles. 2010. Retrieved 10 December 2011.
  16. ^"Santander to close one of its Shrewsbury branches".
  17. ^Jill Treanor (25 March 2012). "Santander to close bank branches to reduce overlap". The Guardian. Retrieved 16 November 2012.
  18. ^David Masters (2 July 2009). "Santander rebrands commercial banking units". Finance Markets. Retrieved 23 March 2013.
  19. ^Chris Salih (9 December 2009). "IFG Group to buy James Hay for £35m". Money Marketing.
  20. ^"Santander pays £1.65bn for 318 RBS branches". London: The Daily Telegraph. 4 August 2010. Retrieved 4 August 2010.
  21. ^"RBS sale of 316 branches to Santander collapses". BBC News. 12 October 2012. Retrieved 12 October 2012.
  22. ^Patrick Collinson (26 February 2011). "Is Santander Britain's worst bank?". The Guardian. Retrieved 16 November 2012.
  23. ^"Santander brings call centres back to UK". BBC News. 8 July 2011. Retrieved 17 December 2011.
  24. ^Steve Slater (20 December 2012). "Santander UK to sell UK store cards portfolio". Reuters. Retrieved 29 April 2013.
  25. ^"SAV Credit completes acquisition of Santanders Retail Co-Brand Credit Card / Point-Of-Sale Finance Business". SAV Credit. 13 May 2013. Retrieved 28 May 2013.
  26. ^Weir, Keith (29 September 2014). "Santander UK picks Bostock as CEO to lead London float". Reuters. Retrieved 15 February 2015.
  27. ^Aguado, Jesus; White, Sarah (4 November 2014). "Spain's Santander does not expect UK unit IPO in 2015 - CEO". Reuters. Retrieved 15 February 2015.
  28. ^Slater, Steve (28 July 2015). "Santander UK finance chief quits as bank keeps IPO plans on ice". Reuters. Retrieved 25 August 2015.
  29. ^Simon Read (23 January 2019). "Santander to shut 140 branches". BBC News.
  30. ^Sweney, Mark (25 March 2021). "Santander to close 111 UK branches, affecting 5,000 jobs". The Guardian.
  31. ^"Santander International Expands Services in the Channel Islands and the Isle of Man". Jersey Finance. 24 October 2017. Retrieved 31 May 2018.
  32. ^Greig Cameron (31 May 2013). "Santander chief plans more Scots branches". The Herald. Retrieved 23 June 2013.
  33. ^"18 Month Fixed Rate Bond". Santander UK. May 2013. Retrieved 30 May 2013.
  34. ^"Our members". Cheque and Credit Clearing Company. 2013. Retrieved 23 March 2013.
  35. ^"Subscribers". Lending Standards Board. Retrieved 5 November 2015.
  36. ^Santander launches current account with no fees or penalty charges Jacquie Bowser. Brand Republic. 20 November 2009
  37. ^Ian Pollock (10 January 2010). "Will Santander challenge the big banks?". BBC News. Retrieved 10 December 2011.
  38. ^"Santander sponsorship renewal boosts McLaren". Reuters. 23 January 2014. Retrieved 26 January 2014.
  39. ^"Santander extends McLaren partnership". Formula One. 14 September 2009. Retrieved 16 November 2012.
  40. ^"Corporation Sponsorship". Santander. 2013. Retrieved 26 January 2014.
  41. ^"Rory McIlroy to sign deal with Santander". Belfast Telegraph. 22 September 2011. Retrieved 22 March 2013.
  42. ^"Santander to take over sponsorship of 'Boris bikes' scheme". BBC News. 27 February 2015. Retrieved 27 February 2015.

External links[edit]

Источник: https://en.wikipedia.org/wiki/Santander_UK

Youth Mortgage

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A mortgage for the under 36s

LOAN FOR UP TO 95% OF THE APPRAISAL VALUE

If you are under 36 and are thinking of buying your first home, Banco Santander offers Youth Mortgage. Financing is higher than usual and may go up to 95% of the lower between the appraised value and the sale value of the home, reducing your initial investment significantly.

Calculate your mortgage's monthly repayments and associated costs with our mortgage calculator, and do your own maths.

Don't overthink it. Leave your details and a specialised manager will call you to start the arrangements to buy your new home!

REQUIREMENT FOR THE YOUTH MORTGAGE

This mortgage is for you if:

  • You are under 36 years.
  • You take out a mortgage to buy a primary residence.
  • You offer sufficient joint and several personal guarantee (bail) from third parties, as well as the mortgage collateral1.

CHARACTERISTICS

  • You can apply for a mortgage loan at fixed or variable interest rate.
  • Financing up to 95% of the lowest between the appraisal value and the sale value of the house. You must always contribute at least, through own funds, the difference between the price of the sale and the amount financed.
  • Discount on the mortgage cost of up to 100 basis points and no management, notary and registration costs
  • Fee for early repayment:
  • Variable rate: one of the following:
  • 0,25% of the principal repaid early when partial or full repayment takes place during the loan's first three years; or
  • 0,15% when partial or full repayment takes place during the loan's first five years.

Under no circumstances may the fee exceed the amount of financial loss3 incurred by the bank.

  • Fixed rate: fee for early repayment. In the event of full or partial early repayment, the borrower must compensate the bank. This will include:
  • 2% of the principal repaid early when early repayment takes place during the loan's first ten years and,
  • 1,5% of the principal repaid early when early repayment takes place after ten years.

Under no circumstances may the fee exceed the amount of financial loss4 incurred by the bank.

We know buying your first home is not an easy decision. For this reason and so that you have all the information you need just one click away, you can calculate your mortgage's monthly repayment and associated costs in our simulator.

Start now

Take out your youth mortgage in a few easy steps.

What requirements must I satisfy?

To obtain the discounted interest rate from the second year onwards you can choose between the following products or services up to a maximum discount of 1%:

  • Direct debit set up for your salary or unemployment benefit, or pension, or social security self-employment payment or CAP subsidy:
  • A 0.15% discount will apply if the salary or unemployment benefit of any of the borrowers is at least €600/month; or the pension is at least €300/month; or the social security self-employed payment is at least €175/month; or the CAP subsidy is at least €3,000/year.
  • A 0.25% discount will apply if the salary or unemployment benefit of any of the borrowers is at least €1,200/month; or the pension is at least €600/month; or the social security self-employed payment is at least €250/month.
  • A 0.40% discount will apply if the salary is at least €2,400/month.

The maximum discount in this situation will be 0.50% of the current nominal interest rate, irrespective of the products or services that the borrower (or borrowers) may have arranged.

  • Direct debit set up for, and have paid, at least three bills with different refences, through an account that the borrower has held with the bank for at least three months ahead of the loan review date. The bills must not be returned and they must be for amounts over 0 euros. Discount: 0,10%.
  • Use your Santander debit or credit card six times in the 3 months prior to the interest rate review. Discount: 0,15%.
  • Have arranged and maintained an insurance policy marketed by Santander Generales Seguros y Reaseguros, S.A. or Santander Vida Seguros y Reaseguros, S.A. or Santander Seguros y Reaseguros, Compañía Aseguradora, S.A.1 subject to the following conditions:
  • Life risk or health insurance: 0.15% discount for each policy taken out, if the annual premium is equal to or more than €300.
  • Home or Accident or Temporary Work Disability Insurance: 0.10% discount for each policy taken out, if the annual premium is equal to or more than €199.
  • Other insurance: 0.01% discount if the annual premium is equal to or more than €50.
  • Insured Pension Scheme (PPA) with a balance equal to or greater than €50,000 in the last 12 months: 0.05% discount.
  • Have taken out Investment/Savings products:
  • Pension plans/EPSV (voluntary pension scheme providers) from Santander Pensiones, S.A EGGP, marketed and promoted by the bank: 0.05% discount if the balance is greater than €5,000 and less than €30,000, or 0.10% discount if the balance is equal to or greater than €30,000.
  • Investment funds or managed portfolios of the management company Santander Asset Management, S.A., S.G.I.I.C. marketed by the bank2: 0.05% discount, if the net asset value of the fund or the managed portfolio is greater than €5,000 and less than €30,000; or 0.10% discount, if the net asset value of the fund or the managed portfolio, or of each of the investment funds or managed portfolios if several have been taken out, is equal to or greater than €30,000.
  • Provide the bank with an energy efficiency certificate for the property or any of the properties subject of the mortgage, with category A or A+, or pursuant to the necessary certificates issued by industry-recognised companies: discount: 0.10% on the current nominal interest rate. For the purposes of certification of sustainable housing, recognized certificates such as: Leeds, Breems, Verde, and Passive House will be accepted.

Conditions for the discount:


CATEGORY
DETAIL
MINIMUM ANNUAL PREMIUM/AMOUNT
DISCOUNT
Income (maximum 50 bps)
Salary or income per account holder
Over 600€
15pbs
Income (maximum 50 bps)
Salary or income per account holder
Over 1.200€
25pbs
Income (maximum 50 bps)
Salary or income per account holder
Over 2.400€
40pbs
Bills (maximum 10 bps) Direct debit and paid 3 different references10pbs
Cards (maximum 15 bps) Credit or debit Used 6 times15pbs
Insurance (discount for each insurance policy, no limit)Life/Health
Home/Accident/Disability
Other
>=300€
>=199€
>= 50€
15pbs
10pbs
1pbs
Pension p. or funds (discount for each product, no limit)
Balance
Balance
5.000€ to 30.000€
>30.000€
5pbs
10pbs
Insured pension scheme (PPA) (discount for each product, no limit)
Balance         
>50.000€
5pbs
Sustainable housing (max. 10 bps)
Energy efficiency certificate
A, A+ or sustainable home
10pbs

Maximum discount: 100 bps
The first review of commitments will be at month 12 and will be applied to the rate as of month 13.

a. As regards sustainable home certificates, the following certificates will be recognised: Leeds, Breems, Verde and Passive House.x

These products and services may be arranged separately to your mortgage under the same terms and conditions.

Start now

Take out your youth mortgage in a few easy steps.

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Other related products

Fixed Rate Online Mortgage with Product-Related Discounts

A home loan where you'll know the interest rate right from the start.

Variable Rate Online Mortgage with Product-Related Discounts

Find out more about the characteristics, conditions and advantages of a variable rate mortgage loan.

Источник: https://www.bancosantander.es/en/particulares/hipotecas/hipoteca-joven/!ut/p/z1/jc_NDoIwEATgJzK7UOjPkUqp2ENBUsVeTA_GkGj1YHx-CfFEIrq3Sb5JZsFDDz6G13AJz-Eew3XMR09PxJpab3lqkTmJLZG5EHupSmRwmACzGU9khpg4zbF1RAm6K4g2FPw_ffxyBf7u-xkxvMJWFGYtS52QnM4BT4kaAe-aTOhq07APWPphAgsju3OEx831ONSrN5QaiRI!/

Mortgage Outlook: Santander launches mortgage calculator for self-employed borrowers affected by the pandemic

Santander will be launching a mortgage calculator for self-employed borrowers whose businesses have been affected by Covid-19, it has been reported by Mortgage Solutions. Earlier this month, it was announced that brokers will exclusively be able to use the calculator for ‘Covid-affected’ clients who want to disregard their 2020/21 accounts because the pandemic has damaged their earnings, to find out how much the bank is prepared to lend.

The bank has changed its lending policy to exclude the 2020/21 tax year for self-employed borrowers who have suffered an out of the ordinary loss of earnings. However, said Santander, also refers to Covid-19 affected borrowers as those who have relied on one of the government’s support measures such as the Self-Employment Income Support Scheme or the Coronavirus Business Interruption Loan Scheme, or a tax deferral.

What’s the self-employed mortgage criteria?

The lender said it will be taking into account future Covid-19-related liabilities and they will be treated as a business commitment. An additional layer of criteria means that to be accepted under Santander’s Covid-19 accounts exception, businesses must have been trading for at least 90 days after reopening.

Santander has also imposed harsher restrictions on self-employed borrowers, excluding them from its lower-deposit mortgage deals. The bank has said that new self-employed customers will only be offered mortgages to cover a maximum of 60 per cent of a property’s value. That means self-employed first-time buyers and most home movers will require a 40 per cent deposit to qualify for a Santander mortgage.

Half of Santander’s self-employed borrowers unaffected by COVID

If borrowers want to use their 2020/21 earnings, head of business development mortgage division, Graham Sellars told Mortgage Solutions that it was “business as usual” and brokers do not need to call unless they needed support.

Speaking to Mortgage Solutions, Sellars said: “Half of Santander’s self-employed borrowers have not seen any impact on their businesses.

“The other half have been affected in varying ways, from being shut throughout each lockdown like hairdressers, for example, or just losing earnings in the first lockdown like tradesmen for instance. Whatever the scale of the damage, we see 2020/21 as an aberration, and not a normal trading period.”

Brokers want to see more lenders follow Santander’s lead, but others are slow to follow suit.

Simon Butler, head of mortgages at CMME, said in the report: “This is a strong indication from one of the UK’s largest lenders that they value the self-employed sector.

“Last year had a detrimental impact on the finances of many small businesses and the attitude across the mortgage industry has been excessively cautious at times, rather than supportive of business owners.

“We hope other lenders take note of this and review their individual criteria as there are many ways to approach adversity, as Santander have shown.”

Average loan amount offered to self-employed applicants is down

Research by MBT showed that 71% of self-employed cases processed through its platform in January 2021 were affordable, with 27% deemed to be unaffordable based on the required loan amount.

It also found that the average maximum loan offered to self-employed mortgage applicants is £221,400 – a decrease of 3% from the last peak in August 2020.

Mortgage Solutions said that in a survey it was revealed that 80% of self-employed in Britain have been rejected when applying for a mortgage, 36.6% of applicants have faced at least one rejected, and 32.8% were rejected because their credit rating was not good enough.

David Baird, mortgage and protections advisor at Aventur Wealth, said: “COVID-19 has had a huge impact on self-employed mortgages as we have seen increased discrepancy in the market.

“From one major lender (Santander) restricting all lending for S/E applicants to 60% (In January – now at 75%) to others carrying on as normal it has caused more confusion for the average buyer. Personally, I have not seen a decline in acceptance rates, instead it has caused an increase in time taken on my part in researching the right lender for the right applicant.”

Check out some of the latest mortgage offers here: Best Contractor Mortgage Rates

Your First Mortgage Payment Explained

It can be confusing when taking out a mortgage, to know exactly how it works and when your payments are due. It is first important to understand that a mortgage is a type of amortisation. This means that your loan will have equal monthly payments of principal and interest over a specified period of time. This means that an amortised loan will be completely paid off at the final payment. Basically, the amount you haven’t paid is calculated again every month and accounted for in your next payment. This means that your first payments are also likely to be higher than your last.

Paying in Arrears

You may have heard the phrase before but did not know what it actually meant. Unlike most things first mortgage payment santander you pay for, a mortgage is paid in arrears, which mean you pay for your mortgage after the fact. For example, if you were to rent a property your payment would be made in advance. If you started renting a property on September 1st, then your rent would be due on the same day because you pay for the month of September in advance. This is why it can be confusing as to when you actually start paying your mortgage. You will not make your first payment until at least a month after your closing date.

When is my first payment due?

When you decide to buy a home and take out a mortgage, the agent who closes the deal will collect interest from you. You can find this interest on your closing statement and it will be charged as a closing cost. Any mortgage payment consists of two parts, which includes the mortgage interest and the mortgage principal. You will always pay interest 30 days in arrears and the principal part reduces your mortgage balance for the due date. If the day you close is on September 15th for example, you will receive a charge of interest for the 15 days up until October 1st. Your first payment will then be due on November 1st as you will be charged the interest for that month. You may want to check the proration clause in your contract before signing.

How to calculate your first payment

For the reasons listed above it can be hard to work out exactly how much you need to pay on your first payment. Let’s say that you are borrowing £300,000 at 5% interest. Your monthly payment will be £1610.46, payable in equal monthly instalments for 30 years. Your daily interest rate charge is worked out by taking £300,000 times the interest rate of 5%. This is then divided by 12 months (£1249.99) and again by 30 days. Your daily interest rate is, therefore, £41.67. You will then owe 16 days of interest from March 15th that will stand at £666.72 and will be charged on your closing statement as a closing cost. When you make the first payment on November 1st that mortgage payment will pay the interest as follows; £1610.46 minus £1249.99 interest for October equals £360.47 principal reduction.

Although it can seem first mortgage payment santander you’re getting a free ride and not paying for a mortgage from when you close, this isn’t actually the case. Interest is paid in arrears so you will always be charged for the interest you have accrued. Make sure you are aware of these things before you have to make your first payment so that you know exactly what you owe.

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Источник: https://www.designahousesign.com/blog/your-first-mortgage-payment-explained/

Santander mortgage application

Santander mortgage rate application screen

Apply with Mojo and we can take care of your Santander mortgage application, giving you the best chance to save time and money.

You've got 3 options to start your Santander mortgage application: you can apply online, over the phone (or a video call), or by visiting a branch. In each case the correct paperwork will be required, so it's a bit easier to start online and check you have everything you'll need.

Santander mortgage lending criteria

You don't need to have a Santander bank account to apply for a mortgage with them. But they do have some other initial eligibility criteria. You'll need to:

  • Be at least 18 and a UK resident
  • Want to mortgage a property in the UK, but not the Isle of Man
  • Be intending to live in the property
  • Have no major financial issues in the past including repossession of a property, bankruptcy, or IVA
  • Be working in the UK and paid in sterling
  • Not need a guarantor
  • Not have more than 4 other mortgage properties

Why use Mojo to apply with Santander?

A lot of people prefer to use Mojo to help them apply with Santander.

There are quite a few benefits:

  • We successfully get people mortgage offers with Santander every day – we're really familiar with their application process and needs
  • You can check if you're eligible online
  • It only takes a few minutes to book an appointment in a few minutes
  • Our CeMAP-registered advisers will guide you through Santander's application process and double and triple check your paperwork
  • We'll quickly compare the rest of the market to see if you can find a cheaper mortgage deal elsewhere
  • You won't pay any broker fees
Compare Santander deals

Santander mortgage application timescale

After submitting your mortgage application, like all lenders Santander, will complete a property valuation and start underwriting. It normally takes up 2 weeks before you get your mortgage offer.

Santander mortgage appointment process

If you decide to apply direct with Santander, expect a 2-part process, although you can do it in branch as part of one rather long appointment.

Get an appointment to get your Santander Decision in Principle

This is an important first step in getting a mortgage. A Santander Decision in Principle let's you know that they could lend you the amount you need. It's an instant decision that's valid for 60 days and won't affect your credit rating, as it's just a soft search.

Santander mortgage in principle

With Mojo you can compare Santander's mortgage rates and download a mortgage in Principle.

Before you start applying whether online, the phone or at a branch, you'll need to know:

  • Some basic details about your property
  • How much you want to borrow
  • Personal info – mainly address history for the last 3 years
  • Details of your wages and spending
  • Details of any credit cards or loans

Remember, an Decision in Principle from Santander isn't a guarantee of a mortgage offer, it's just the first stage.

What is a Santander Decision in Principle?

A Decision in Principle, also called a Mortgage or an Agreement in Principle, is an important first step in getting a mortgage and is a document that states how much you could potentially borrow from Santander. It is also used to show estate agents or new build sales consultants when viewing properties as it shows you to be a serious buyer.

2) Get an appointment to apply

When you've got a Santander Decision in Principle, you can book a final appointment and speak to a Santander adviser.

This is just before your application is underwritten so you'll need to submit quite a bit of paperwork and the appointment can last about 2 hours.

Hopefully, you'll be eligible and the Santander adviser will make their mortgage recommendations. Then over the course of the next 2 weeks, your property will be valued and your case will go through Santander's underwriting department.

At this point they'll also perform a hard credit check. This remains on your record.

Santander's mortgage calculator: How much can I borrow for a mortgage?

Santander tends to offer up to 4.5 times the gross salary of the applicants.

Your actual loan ceiling may be lower if you have a lot of fixed outgoings or your LTV is high.

Santander remortgage process

When you apply for a remortgage with Santander, you basically reapply for a mortgage, which means that you'll need to pass new affordability and eligibility criteria.

This time round you'll have equity instead of a deposit, and you won't need to deal with estate agents or housing chains – so it's not quite as stressful!

Product transfers with Santander

The easier way to remortgage with Santander is with a product transfer. You'll need to be an existing mortgage customer, but you can avoid a lot of hassle.

Normally Santander email or write to you when your existing deal is about to end and you revert to their SVR. They'll allow you to simply switch to one of a few new rate options, which will save you money compared to the SVR.

You simply choose a new rate and that's it.

It may not be the cheapest rate you can get, though. As other lenders could beat it. You can check if you can get a cheaper deal still by using Mojo's Mortgage Matcher.

You'll see your Santander offer side by side against the best deals from other lenders. If you still want to remortgage with Santander, Mojo can also sort that out for you within 24 hours.

Santander mortgage transfer - porting when moving home

Most probably. A lot of Santander mortgage deals allow porting. To be sure you can check the details on your mortgage illustration.

When moving house, porting may not always be the best option. Check with Mojo whether or not you can save more in the long term by remortgaging.

What are Santander's early repayment charges?

You tend to pay less over the course of your term with Santander early repayment charges – the closer you get to the end of your introductory offer, the smaller the ERCs.

That means the exact charges will depend on how long is left on your introductory deal and how much you overpay by.

Santander's early repayment charges and coronavirus

As the property market slowed down in Spring 2020, Santander extended its early repayment charge refund period for customers unable to sell and purchase on the same day. It extended from 3 to 6 months and from 6 to 8 months for new build homes.

Santander buy-to-let mortgages

Santander buy-to-let mortgages have the following eligibility criteria:

  • You need to be a homeowner – and live in that home
  • You need an income of at least £25,000 – this cannot come from rent payments. You want to borrow between £75,000 and £750,000
  • You have enough deposit to get a 75% LTV – 70% for new build flats
  • Your proposed property will generate rental payments at least 130% of your mortgage payments – this may be higher if you're in a higher income tax band
  • You have no more than 3 existing mortgaged buy-to-let properties (and 10 in total)

Santander buy-to-let mortgages are still subject to the same cashback and free legal fee offers mentioned at the top of this buyer guide.

You can compare Santander with all other buy-to-let lenders to find your best deal with Mojo.

Get Started

Santander first-time buyer mortgages

If you're a first-time buyer with at least a 15% deposit – even if it's gifted – Santander can be a good mortgage choice. Normally Santander do offer 95% mortgages, but these have been withdrawn while the bank deals with the lockdown backlog.

Santander offers a range of fee-free deals and free valuations to first time buyers, which can be useful when you just want to get on the property ladder.

The best first-time buyer deal will depend on your circumstances and our expert advisers will help you find it. We'll help you apply too. Simply start entering a few basic details and we can go from there.

Santander shared ownership mortgage

Santander does accept Help to Buy mortgage applications with the government's Shared Ownership scheme.

The bank wants you to complete your Help to Buy application before applying for your mortgage.

How long are Santander mortgage offers valid for?

Santander mortgage offers last between 3 and 6 months.

Источник: https://mojomortgages.com
first mortgage payment santander

2 Replies to “First mortgage payment santander”

  1. I just got off the phone with a rep and she said it’s only for ‘some qualifying visa cards’ 🙄

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