HOW MUCH CAN I BORROW FOR MORTGAGE SANTANDER ?
Borrowing a mortgage is not as simple as it seems. It takes a lot of knowledge and experience as well as the precise study of the market before you opt for a specific kind of Mortgage. The mortgage process in the UK is complex as compared to applying for a mortgage in other countries. Thus, it is advised to have complete knowledge of the Mortgage process in the United Kingdom before finalizing it. The challenge begins when a layman who wishes to borrow for a mortgage has to go through a lot of research. Thus, here we are, to bring you the finest knowledge about Mortgage borrowing and all the aspects around it.
The renowned Santander Group UK, which is known for its widespread financial activities and services, has spread its operations across the globe. It has been listed as the 16th largest bank in the world. There are a lot of questions that arise in the minds of potential borrowers like what percentage is ideal for borrowing a mortgage in UK, and how much is he capable to borrow or repay for the mortgage.
First and foremost, the financial institution must know the reason for which you’re applying for a mortgage as there are different types of complications for each type of mortgage. The next step Santander UK follow is to enquire about your annual income. This income includes your basic salary plus any kind of allowance like the car allowance, pension or profit in the case of the self-employed borrower. Next is to calculate the expenses that you make excluding personal or household expenses.
Santander United Kingdom is a well-renowned lender and is known for providing mortgages at very competitive rates that can be used for several purposes including home renovations, medical means, consolidation of debt, etc. It is also said that Santander caters for its customer with a mortgage at rates below the market average. It also provides special provisions for borrowers with higher income and takes the credit score very strictly. Thus, people with good credit scores are likely to get special offers while people with bad credit scores are often rejected.
Santander Mortgage Rate
The Mortgage rates are subject to change according to variations in the market, government schemes, etc. If we talk about the current mortgage rate at Santander, the current Standard Variable Rate (SVR) is 6.75% starting February of 2023 which in itself is a very outstanding rate. You can simply get in touch with Santander for further details of the Mortgage process.
First Time Buyers
Borrowers with maximum dilemma are the ones who are borrowing for the first time. Santander makes several provisions for their customers like they make available a total of 5% deposit mortgage. Santander provides a free valuation on almost all mortgages of properties whose value is up to £2.5 million. Santander works towards making their customers well aware of the facts that are essential to being a first-time borrower. It guides the customer about all the costs that are needed to be considered and how to improve the credit rating, etc. Santander also provides special offers like Help to Buy and Shared Ownership schemes. The overall process of granting a mortgage to the borrower takes up to 3 weeks approximately.
