Santander Secured Loan
Santander Secured Loan
About Santander’s secured loans
A Santander secured loan is secured against your home in the same way as your mortgage. With no product fees or early repayment charges on many of Santander’s secured loan, it’s an easy way to raise the capital for the things you need and you will need to pay it back on a repayment basis. Additionally, it doesn’t need to be the same term as your existing mortgage and you can choose a term between 5 and 35 years.
When thinking about applying for a Santander secured loan, it is important to take into consideration that all applications are subject to status and their lending criteria. This means that the amount they will lend you will depend on your individual circumstances, type of property and the amount you already borrow. For instance, if you intend to buy a flat or new property, they may require a higher deposit.
Requirements for a Santander secured loan
• You must have never been declared bankrupt or been subject to an individual voluntary arrangement.
• Minimum loan - £5000
• Minimum length – 5 years
• You must have an existing mortgage with Santander
• Your existing mortgage and amount you want to borrow must be less than 85% of your home’s value.
Before taking out a Santander secured loan
Taking out a secured loan is a big decision, and as a result you should weigh up any alternatives that may be better for your personal situation. Failure to meet repayments can result in your property being repossessed; which is why we urge you to speak with a mortgage broker before you commit to a secured loan, who can analyse your situation and give you unbiased advice and guidance to ensure you make the best decision for your future. Additionally, a mortgage broker can help you compare leading rates, and help find a loan that has realistic repayment terms for you.
Based in Spain, Santander is a relative newcomer to the British mortgage market, following its acquisition of Abbey National in 2004. Santander then went on to acquire Bradford & Bingley and Alliance and Leicester in 2008. Nowadays, Santander has more than 1,300 branches across the UK and offers a wide selection of mortgage deals to suit all borrowers.