Manage Your Mortgage | Existing Customers (2024)

My Home Manager

Making one or more overpayments could reduce your mortgage balance and the amount of interest you pay, which may help to pay off your mortgage earlier.

If you're thinking of paying off your mortgage in full, take a look at look at our paying off your mortgage early page for more information.

How much can you overpay?

How much you can overpay will depend on whether your Santander mortgage is on a fixed rate or not.

On a fixed rate:

Overpay up to 10% of the outstanding balance each calendar year (January to December) without paying an early repayment charge. If you don’t use your full 10% allowance in any calendar year, you won’t be able to carry it over to future years.

• If you overpay more than 10% of the outstanding balance each calendar year, you’ll have to pay an early repayment charge on the amount over 10%. You can find out what your early repayment charge will be in Mobile or Online Banking, your original mortgage offer, or annual mortgage statement.
• You won’t be able to use the 10% allowance if you’re paying off your mortgage in full or transferring to a new deal where you need to pay an early repayment charge.

Not on a fixed rate:

You can make unlimited overpayments without paying an early repayment charge.

Types of overpayment

Single overpayments

You can make single overpayments online using a debit card in your name or a Santander current or savings account. Visit our contact us page for step-by-step instructions on how to make overpayments. You’ll need to have a single loan mortgage.

Regular overpayments

You can also set up regular overpayments. You’ll make these additional payments on top of your monthly mortgage payment by amending your Direct Debit. Visit our contact us page for step-by-step instructions on how to make overpayments.

Not set up for Online or Mobile Banking? You can sign up online

If you’re not able to make overpayments online, please call us to speak with a member of our mortgage team.

Interest only mortgage

If you have an interest only mortgage, you can set up overpayments online. However, you can only choose to reduce your mortgage payments. If you’d like to reduce your mortgage term, please call us.

How much could you save?

The Mortgage Charter aims to help customers who are struggling to pay their mortgage. In line with the Government Mortgage Charter there are two ways to change your mortgage.

Using the Mortgage Charter

• You can switch to interest only for 6 months or increase your mortgage term. You can only make one change under the Charter
• There’s no fee for doing this
• There’s no affordability check or advice provided
• We won’t do a credit search, so it won’t show on your credit file.
• If you’re increasing your term a maximum age limit and term applies.
• Buy to Let mortgages are excluded.
• You can cancel and go back to your original terms within 6 months without an affordability check or a credit search. To cancel your request, please call us 0800 783 9738.

Already have Mobile and Online Banking? Log on, choose your mortgage account, then click ‘Manage my mortgage’. Or give us a call on 0800 917 5630. Lines are open 9am to 7pm Monday to Friday and 9am to 2pm Saturday.

Without using the Mortgage Charter

• You can change your method of repayment and mortgage term
• There’s currently no fee for doing this
• We carry out an affordability check and provide advice
• We’ll do a credit search which will show on your credit file.
• If you change to an interest only mortgage, you’ll need a suitable repayment plan in place to pay off the capital at the end of your term. For example, from a mortgage-related endowment policy or ISA.
• If you’re changing your method of repayment or term a maximum age limit and term applies.
• If you make a change to your mortgage, you may not be able to go back to your original terms in the future. Any changes will be subject to an affordability check and our lending policy at the time.
• You’ll need to provide evidence of your income.
• We’ll also need specific documents from you. Please see our list of documents you may need for your circ*mstances.

Already have Mobile and Online Banking? Log on, choose your mortgage account, then click ‘Manage my mortgage’. We’ll then contact you to finish your application over the phone. Or give us a call on 0800 051 5579.Lines are open 9am to 7pm Monday to Friday and 9am to 2pm Saturday.

Before you get in touch
You may want to use ourchanges to my existing mortgage calculatorfirst to see the impact on your monthly mortgage payments.

It’s important you have a repayment plan in place to repay your interest only mortgage when it ends. If you don’t have a plan, you can think about these options:

Switch to repayment

Convert part or all of your interest only mortgage to repayment so it pays off the interest and the capital. You can apply to do this in our mobile app or in Online Banking. Simply log on, choose your mortgage account and then ‘Manage my mortgage’.

Make overpayments

Make overpayments on your mortgage to reduce the capital balance. You can do this easily online using Online or Mobile Banking

Sell your home

If you’re planning to sell your home you should put your house on the market 6 months before your mortgage ends. Make sure once you’ve sold your home you’ll have enough money to pay off your mortgage and money left over to buy another home.

What to do if you’re worried about repaying your interest only mortgage when it ends

If you can’t afford to pay back the mortgage balance outstanding at the end of your mortgage term, you may have to sell your property or face repossession.

If you want to talk to us about making changes to your interest only mortgage please call us on0800 012 1583.

If you are experiencing financial difficulties or your interest only mortgage is ending and you can’t repay, call us on0800 731 6650. If we’re not able to assist you there may be other external options available. If you would like free and independent advice, you can contact these organisations:

MoneyHelper

Call 0800 138 7777 or visit the MoneyHelper site

Citizen's Advice Bureau

Call 0345 404 0506 or visit the Citizen's Advice Bureau site

National Debtline

Call 0808 808 4000 or visit The National Debtline site

The StepChange Debt Charity

Call 0800 138 1111 (free from all mobiles) or visit the StepChange site

Later life mortgages

We’ve partnered with Legal & General to offer you lifetime and retirement interest only mortgages.

Designed for customers aged 55 or over, a later life mortgage lets you borrow money based on the value of your home, as a loan secured against it, while you continue to live there. The loan is usually repaid when the last surviving borrower dies or moves out of the home into long-term care.

• With a lifetime mortgage you are able to decide whether you’d like to pay all, some or none of the interest each month.
• With a retirement interest only mortgage you must pay the interest in full each month. As a last resort, your home may be repossessed if you do not keep up with your payments.

There’s lots to consider so it’s important to receive financial advice to help you make the right decision. There may be cheaper ways to borrow money. Legal & General has its own team of specialist later life mortgage advisers, to help you find the right option for you. If you speak to one of their advisers, there’s no obligation to proceed.

Learn more about later life mortgages with Legal and General
Or
Call us to discuss Legal & General later life mortgages on 0800 012 1583 (option 3).

The Bank of England base rate is the official interest rate set by the Bank of England’s Monetary Policy Committee. Banks and building societies use the base rate to work out interest rates for some mortgage products.

What is the Bank of England base rate?

It’s currently5.00%.

What is the Follow-on Rate (FoR)?

It will be8.25%(the Bank of England base rate plus 3.25%) from Tuesday 3 September.

What is the Standard Variable Rate (SVR)?

It will be7.25% from Tuesday 3 September.

About our different types of mortgage