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Santander Fixed Rate Mortgage Overview

Santander's fixed-rate mortgage is a popular choice among homeowners because of its stability and predictability. With a fixed-rate mortgage, you can plan your financial future with confidence, knowing that your monthly payments will remain unchanged throughout the fixed period. This shields you from interest rate fluctuations and provides peace of mind.
In this guide
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    As mortgage brokers, we aim to equip you with all the information and advice necessary to make informed decisions regarding your mortgage options. We strive to provide comprehensive information and heartfelt mortgage advice, ensuring you feel confident and supported.

    Introduction to Santander Fixed Rate Mortgages

    Fixed-rate mortgages give you stability in an ever-changing financial world and housing market. With Santander UK, you’re not just getting a mortgage; you know you can budget and understand your monthly repayments will not increase for a set period, allowing you to plan your future easily and confidently.

    Why Choose a Santander Fixed Rate Mortgage?

    Santander, a pillar of trust in the banking sector, offers many mortgage products. Choosing a fixed-rate mortgage with Santander means embracing stability in your repayments. And with our warm guidance, you’ll always feel like you have a friend helping you make the best choices.

    Benefits of Santander’s Fixed Rate Mortgage Deals

    With a fixed-rate mortgage, you gain control and predictability. Santander ensures your financial journey is smooth, with no unexpected twists and turns. And we’re here, always ready with a smile, to help you understand and make the most of these benefits.

    1. Stable Monthly Payments: Your monthly mortgage payments remain the same throughout the fixed-rate period, helping you budget more effectively.
    2. Protection Against Interest Rate Fluctuations: You’re safeguarded from rising interest rates, ensuring your payments stay consistent.
    3. Easy Financial Planning: Predictable payments make planning your finances and savings goals easier.
    4. Potential to Save Money: If interest rates rise during your fixed-rate period, you could pay less compared to a variable-rate mortgage.
    5. Peace of Mind: Knowing your mortgage payments won’t change provides financial security and peace of mind.
    6. Variety of Terms: Santander offers a range of fixed-rate terms to suit your financial situation and goals.
    7. No Surprises: Eliminates the risk of unexpected increases in your mortgage payments.

    Santander Fixed Rate Mortgage Rates

    Looking to fix a mortgage rate? Santander fixed mortgage rates could be the solution for you.

    Below is a table for the current best Santander fixed mortgage rates as of 11th June 2024:

    LenderTypeInitial RateReverting RateTotal FeesAPRC
    Santander5-Year Fixed4.80%7.50%£9996.5%
    Santander5-Year Fixed4.94%7.50%£06.5%
    Santander3-Year Fixed5.07%7.50%£9997.0%
    Santander2-Year Fixed5.11%7.50%£9997.2%
    Santander3-Year Fixed5.27%7.50%£07.0%
    Santander2-Year Fixed5.39%7.50%£07.2%

    The mortgage rates above are based on purchasing a property worth £250,000 with a £200,000 mortgage over 25 years, representing an 80% Loan to Value (LTV) ratio. Keep in mind, actual rates and terms can differ due to individual financial situations and market changes.

    Santander Mortgage Rates: What fixed rates is Santander offering?

    Santander, known for its dedication to first-time buyers and homeowners, provides a wide array of fixed-rate mortgage terms. Whether you’re searching for short-term security or long-term predictability, Santander has a package tailored to your needs.

    Santander 1 Year Fixed Rate Mortgage

    A one-year fixed rate is an introductory offer that provides a year of stability, perfect for those looking for a temporary break from financial volatility. However, at present, Santander does not offer a one-year fixed rate term.

    Santander 2-Year Fixed Rate Mortgage

    A two-year fixed-rate mortgage is an excellent choice for those foreseeing changes in their financial future. With our assistance, you can confidently navigate this short-term commitment.

    Below are the best Santander fixed mortgage rates 2 year fixed as of 11th June 2024, rates will very, get in touch to secure your best rate.

    LenderTypeInitial RateInitial PaymentReverting RateReverting PaymentTotal FeesAPRCTotal Cost
    Santander2-Year Fixed5.11%£1,182.037.50%£1,456.16£9997.2%£31,509
    Santander2-Year Fixed5.39%£1,215.077.50%£1,459.03£07.2%£31,307

    The mortgage examples provided are based on purchasing a property worth £250,000 with a £200,000 mortgage over 25 years, representing an 80% Loan to Value (LTV) ratio. Keep in mind, actual rates and terms can differ due to individual financial situations and market changes. These figures are illustrative and intended as a guide; consult a professional for advice tailored to your circumstances.

    Is a 2 year fixed mortgage a good idea?

    A 2-year fixed mortgage is good for those seeking short-term flexibility and expecting a better deal in two years.

    Santander 3-Year Fixed Rate Mortgage

    A three-year fixed rate offers the advantage of consistent payments, making it an increasingly popular choice for those seeking stability. Our guidance will help you assess whether this medium-term option aligns with your financial goals and connect you with the best lender to suit your needs.

    Below are the best Santander fixed mortgage rates 3 year fixed as of 11th June 2024, rates will very, get in touch to secure your best rate.

    LenderTypeInitial RateInitial PaymentReverting RateReverting PaymentTotal FeesAPRCTotal Cost
    Santander3-Year Fixed5.07%£1,177.357.50%£1,445.83£9997.0%£45,480
    Santander3-Year Fixed5.27%£1,200.867.50%£1,448.79£07.0%£45,330
    Santander3-Year Fixed5.41%£1,217.457.50%£1,450.84£9997.1%£46,929
    Santander3-Year Fixed5.73%£1,255.807.50%£1,455.39£07.2%£47,316
    Santander3-Year Fixed5.87%£1,272.767.50%£1,457.34£07.2%£47,679

    The mortgage examples provided are based on purchasing a property worth £250,000 with a £200,000 mortgage over 25 years, representing an 80% Loan to Value (LTV) ratio. Keep in mind, actual rates and terms can differ due to individual financial situations and market changes. These figures are illustrative and intended as a guide; for advice tailored to your circumstances, consult a professional.

    Is a 3 year fixed mortgage a good idea?

    A 3-year fixed mortgage can be a good middle ground, offering more stability than a 2-year term, yet more flexibility and less commitment than a 5-year fixed term.

    Santander 5-Year Fixed Rate Mortgage

    For those who appreciate long-term predictability, the 5-year fixed-rate mortgage offers a haven of consistency. Together, we can determine if this is the right course for your financial journey.

    Below are the best Santander fixed mortgage rates 5 year fixed as of 11th June 2024, rates will very, get in touch to secure your best rate.

    LenderTypeInitial RateInitial PaymentReverting RateReverting PaymentTotal FeesAPRCTotal Cost
    Santander5-Year Fixed4.80%£1,145.997.50%£1,418.69£9996.5%£71,749
    Santander5-Year Fixed4.94%£1,162.207.50%£1,422.13£06.5%£71,727

    The mortgage examples provided are based on purchasing a property worth £250,000 with a £200,000 mortgage over 25 years, representing an 80% Loan to Value (LTV) ratio. Keep in mind, actual rates and terms can differ due to individual financial situations and market changes. These figures are illustrative and intended as a guide; for advice tailored to your circumstances, consult a professional.

    Is it worth taking a 5 year fixed mortgage?

    A 5-year fixed mortgage can be beneficial for those seeking long-term financial stability. However, if rates decrease within 5 years, you could pay more.

    Santander 10-Year Fixed Rate Mortgage

    A decade of fixed rates symbolises stability. If you’re searching for a long-term anchor, this could be your ideal option. We’re here to help you assess its advantages in light of your plans.

    What Happens When My Fixed Rate Mortgage Ends with Santander?

    Once your initial rate period ends, and if you haven’t entered into a new mortgage agreement, you’ll transition to Santander’s standard variable rate. The interest rates can vary monthly, and as existing customers, it’s often beneficial to compare Santander mortgage deals before your fixed term ends to avoid potential higher rates.

    Get a Personalised Mortgage Rate

    Every individual’s financial story is unique. Why settle for generic rates? Our advanced mortgage tool, combined with our friendly mortgage advice, ensures you get a mortgage rate that feels tailor-made for you. We delve deep into offerings from over 90 different lenders, ensuring you get the best rate for your story. We search the whole mortgage market looking at the overall cost for comparison of the mortgage, taking into consideration product fees and charges.

    Benefits of Using Our Tool:

    • Comprehensive market scan
    • Personalised rate recommendations
    • Access to exclusive deals
    • Warm, fee-free advice from our dedicated team

    Pros and Cons of a Fixed Rate Mortgage Deal

    Deciding on the right mortgage can be a complex process, with each option presenting its own set of benefits and drawbacks. Here’s a detailed look at the pros and cons of opting for a fixed-rate mortgage deal:

    Fixed Rate Advantages

    1. Predictable Monthly Repayments: With a fixed-rate mortgage, your monthly payments remain constant throughout the term. This predictability makes it easier to budget and manage your finances, providing peace of mind.

    2. Protection Against Interest Rate Increases: You are shielded from fluctuations in interest rates during the fixed period. This can be particularly beneficial in a rising interest rate environment, as your payments won’t increase.

    3. Financial Planning Ease: The stability of fixed payments allows for better financial planning. You can set long-term financial goals knowing exactly what your mortgage payments will be.

    4. Variety of Term Lengths: Fixed-rate mortgages are available in various term lengths (e.g., 2, 3, 5, or 10 years), allowing you to choose a term that aligns with your financial situation and plans.

    5. Peace of Mind: Knowing that your mortgage payments won’t change can reduce financial stress and provide a sense of security, especially for first-time homebuyers.

    Fixed Rate Disadvantages

    1. Potential Early Repayment Charges: If you decide to repay your mortgage early or switch to another deal before the term ends, you may incur substantial early repayment fees.

    2. Higher Initial Interest Rates: Fixed-rate mortgages often come with higher interest rates compared to initial rates on variable or tracker mortgages. This could mean higher payments in the short term.

    3. Limited Flexibility: Fixed-rate deals can be less flexible regarding overpayments or repayment holidays. Overpaying might attract penalties, limiting your ability to quickly reduce the loan balance.

    4. Transition to Variable Rates: At the end of the fixed term, your mortgage usually reverts to the lender’s standard variable rate (SVR), which can be higher and more volatile. If not managed proactively, this change can lead to increased monthly payments.

    5. Potential Missed Savings: If market interest rates fall significantly during your fixed term, you won’t benefit from the lower rates, potentially missing out on savings that a variable rate mortgage might have offered.

    Working Out Your Monthly Mortgage Repayments

    Understanding your monthly commitments is pivotal. While myriad tools are available, nothing beats a heart-to-heart with our team. We’re here to provide clarity and ensure you’re always well-informed. For a quick estimate, you can also use the mortgage calculator provided below.

    Mortgage Repayment Calculator

    Choosing the ideal mortgage is key in any homebuying journey, and our Mortgage Repayment Calculator makes this step simple and transparent. Input your mortgage details, and receive an estimated monthly cost. Should any queries arise or need assistance during this process, our dedicated YesCanDo team is always on hand to offer support and guidance.

    Unlock the Best of the Santander Fixed Rate Mortgages!
    We compare fixed rates from Santander with 90+ lenders to ensure you get the prime deal. Let our experts manage the entire process at no cost to you. Experience a seamless, fee-free journey with us!

    How YesCanDo Money Can Assist You

    At YesCanDo Money, our fee-free mortgage broker service is designed to assist and guide you every step of the way in your home-buying journey. Whether it be your first home purchase or Santander remortgage goals – let us show you how we can make a difference for you:

    • Personalised Expert Guidance: Our team of seasoned mortgage advisors is ready to provide tailored advice based on your unique financial situation and aspirations.

    • Hassle-Free Experience: We simplify the mortgage application process, ensuring that it’s as straightforward and stress-free as possible for you.

    • Access to the Best Deals: Our vast network of mortgage lenders can introduce you to exclusive mortgage deals that might not be available directly, guaranteeing you the best deal.

    • Ongoing Support and Advice: Our commitment to you doesn’t end once you secure a mortgage. We remain available to answer any queries and offer continuous support.

     

    FAQs – Santander Fixed Rate Mortgages

    Navigating the mortgage world can be confusing and we are here to help you make informed decisions. Below are some frequently asked questions (FAQs) about Santander’s fixed-rate mortgages that will assist in helping you make informed choices.

    A Santander fixed-rate mortgage is a type of home loan where the interest rate remains the same for a set period of time, providing certainty on monthly repayments.

    With a fixed-rate mortgage, your interest rate and monthly repayments stay the same for a set period, making budgeting easier. It protects you from potential future interest rate rises.

    Once your fixed-rate period concludes, your mortgage typically transitions to Santander’s Follow-on Rate (FoR). You may consider remortgaging or switching to a different deal at this stage.

    The Follow-on Rate (FoR) is a variable rate that adjusts with the Bank of England base rate, currently tracking at 3.25% above it. This rate could influence your mortgage payments over time.

    Fee Free Mortgage Advisor Team

    Fee Free Mortgage Advisors

    FREE dedicated support throughout, we have full-market access to the best mortgage rates & deals. We do everything for you, for free! Call us, WhatsApp us, or fill in our contact form and let us know what the best time is for us to call you. We will get one of our mortgage advisors will be in touch to talk through your situation and available options.
    Grant Humphries (CeMAP)
    Grant Humphries (CeMAP)

    Grant Humphries (CeMAP) is a proficient Mortgage & Protection Adviser at YesCanDo Money. With a career spanning since 2001, Grant has honed his expertise in understanding mortgage lenders' criteria, complex financial situations, and the nuances of the mortgage market. His deep knowledge enables him to provide tailored solutions, especially for professionals and those with unique financial profiles. At YesCanDo, Grant's commitment to excellence is evident. He takes pride in guiding clients through their mortgage journey, ensuring they feel confident and informed at every step. From first-time buyers to seasoned investors, Grant's analytical approach and dedication make him a trusted adviser in the financial landscape

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