Formerly Sovereign Bank, Santander Bank is a wholly owned subsidiary of Spanish Santander Group. Established in Spain though today headquartered in Boston USA, Santander continues to show growing commitment to technological innovation and product flexibility. Santander is also the international banking group with the largest branch network, with an impressive 14,680 branches worldwide.

Financial Services Offered by Santander

  • Checking accounts
  • Money market savings
  • Savings
  • Certificates of deposit
  • Santander Select
  • Lines of credit
  • Loans
  • Mortgages
  • Investment and Protection services
  • Credit cards

Bridging Loans from Santander

Bridging loans are generally used for property transactions. This type of loan is designed to help home movers who would like to acquire a brand-new house achieve their goals whilst their existing house is on the market.

When equity happens to be locked up in a mortgage, bridging finance can be used to finance the purchase of a property. These loans can be particularly useful for homeowners, developers and people who are purchasing a property at auction.

Those moving houses might wish to use a Santander bridging loan to avoid a property chain so that they can acquire a new house while awaiting a mortgage decision. However, it is important that you bear in mind that taking out a bridging loan does not guarantee you will obtain a mortgage in the future.

How Does a Santander Bridging Loan Compare with a Regular Bank Loan?

Theoretically, they differ because bridging loans are used for short-term purposes, whereas normal loans typically have a more general purpose. In reality, the speed of getting the cash transferred to your account is the major difference between these two loans. It can take weeks for high street lenders such as Lloyds, Barclays or NatWest to complete a loan, whereas bridging finance can be obtained in one or two days.

How much will a bridging loan cost?

Adding up fees, interest and the loan amount ought to give you a good idea of the overall cost of borrowing.

How high are the interest rates? And which factors can influence the rate of interest you will be paying?

  • Bridging loan size – Bigger loans tend to have higher interest rates because they pose a greater risk to the lender.
  • Repayment terms – If you’ve chosen a closed bridging loan and you have set a concrete repayment date, the length of your bridging loan may affect your interest rate – with longer-term bridging loans subject to much higher interest rates.
  • Property value – The value of your security will also affect the rate of interest applied to your bridging loan. The more risk lenders face, the higher the interest rate will be.
  • Open vs. closed – Open bridging loans do not have a set repayment date, while closed bridging loans have the completion date set in stone, which reduces risk and also lowers interest rates.

Apply for a Bridging Loan Online

The first step in applying for a bridging loan is to enter your basic details; the property you’re offering for the security, type of bridging loan you are wanting, your name etc, into our online loan application. When we have received your online application for a bridging loan we will be in touch with further details that we will need to process your application.

Bridging Loan Calculator

Our online bridging loan calculator is intended to provide an approximate guide to every cost associated with your short-term finance facility. However, each lender uses different criteria to calculate the various fees they charge. Being an independent broker, we’ll always offer the finance facility that gives the best possible rate in accordance with your circumstances.

Bridging Loan Calculator Explained

A bridging finance calculator is similar to a mortgage calculator, but instead of calculating monthly repayment figures a bridging loan calculator gives information about the monthly interest charged and the lenders’ facility fee. It’s essential you note that the interest figure is the interest amount charged only, which doesn’t include any capital repayment. The interest charges on a Santander bridging loan can be set up so they’re either paid monthly or added to the bridging loan amount and paid off when the loan is redeemed.

Get in touch with us and we’ll help you find you the most competitive borrowing option.

We are always happy to offer quotes that detail the rates of interest charged plus all other costs associated with your bridging product.

Commercial Loans from Santander

A commercial loan is a short term, and it might be renewable when it matures. A commercial loan is used to finance capital needs; that is, needs for operations.

Commercial loans are usually borrowed from a bank or a credit union.

Normally the assets of the business are used to secure the loan.

To get approved for a commercial loan, the business needs to be seen as a good credit risk. A commercial loan officer looks at numerous tax and financial statements, and a business plan, to establish how good a credit risk a business is.

There is a range of loan calculators which have been designed to help you find what is right for you based on your circumstances. An online loan calculator can be used to determine the cost of the following loans:

  • Personal Loans
  • Home Loans
  • Secured Loans
  • Unsecured Loans
  • Business Loans

Always remember that a loan calculator only gives you a rough idea of your eligibility for a loan and the approximate costs. Online loan calculators will never guarantee whether you’re going to be accepted for a loan or not.

Help-to-Buy Loans from Santander

These loans are intended to help people purchase a brand-new home without a huge deposit or to help first-time buyers to get on the property ladder.

What is Help to Buy?

The Help to Buy scheme has three main categories:

  • Help to Buy equity loans
  • Help to Buy ISAs
  • London Help to Buy

To qualify for the scheme, you’re required to:

  • Be buying a house you’re planning on living in most of the time
  • Have a deposit of at least 5%
  • Be looking to buy a house worth £600,000 or less

What Is a Help to Buy Equity Loan?

These loans are among the most popular ways of getting on the property ladder and are available to people who look at buying a new-build property. These loans work like this:

  • You put a deposit down of at least 5%
  • The government lends you up to 20% of the property’s value as an equity loan
  • You take out a mortgage on the remainder of the property’s value

Homeowner Loans from Santander

A homeowner loan is only available to those who already have a mortgage.

Homeowner loans are sometimes called a secured loan due to the fact that the debt is secured against an asset, which can then be repossessed if payments aren’t been made.

This decreases the risk to the lender, which may result in preferential interest rates, but presents a huge risk to the debtor who may lose their property if repayments have defaulted.

How Much Can I Borrow?

The amount of the loan granted varies, but homeowner loans are normally offered up to £500k. Lenders always feel more confident approving loans to people who are prepared to offer security.

How Long Do I Have to Repay My Homeowner Loan?

Because of the large amount of credit associated with a homeowner loan, the repayment can be spread over 25 years or longer. This term can mean that borrowers can benefit from low-interest rates, although be aware that more interest will be paid overall.

Can Homeowner Loans Be Repaid Early?

There is the opportunity to pay back a homeowner loan before its due date, but doing so might incur an early settlement charge, which is added to the balance at the time that a settlement figure is requested.

Career Development Loans from Santander

Professional Career Development loans are bank loans to fund courses that help with your job or help get you into a specific employment role. You may be able to borrow between £300 and £10k. Career and professional development loans tend to be offered at a significantly reduced rate of interest and the government pays this interest while you are studying.

To be able to apply you must:

  • Be over 18
  • Be a British citizen
  • Plan to work in the EEA, United Kingdom or EU once you’ve finished the course.
  • Have been living in the UK for at least 3 years prior to your course starting.

To qualify, the course must:

  • Last up to two years, or three years if the course includes one year of work experience.
  • Help with your occupation – they don’t have to lead to a qualification
  • Be provided by an organisation on the Professional Career and Development Loan Register.

You cannot get Professional and Career Development Loans for a first full-time degree.

Repayments and Rates of Interest

Professional and Career Development Loans are bank loans that have to be paid back. You begin paying back a professional and career development loan 1 month after leaving your course. The government pays interest while you study and for 1 month after you leave your course. After this, you must begin paying back the loan yourself.

Commercial Mortgages from Santander

Broadly speaking, commercial mortgages can be used for three purposes:

Owner-occupied – Commercial mortgages for owner-occupiers are typically for two business situations: either a company is planning to purchase the premises where it operates from, or it wants to purchase a new building to move into.

Residential buy-to-let – A common scenario for commercial mortgages is the acquisition of residential property to be let out. This is usually used by landlords, along with buy-to-let limited businesses established for the very same purpose.

Commercial buy-to-let – Similar to the above, you can use a commercial mortgage for commercial buy-to-lets as well. As an example, you may want to buy a storage facility for your business and let it out. Although this mortgage is similar to residential buy-to-let, the lender will take a look at different factors because in general, it is harder to lease commercial properties.

Mortgage Calculator

A mortgage calculator is a great way of finding out the size of mortgage you’re able to make an application for and how much it’s going to cost you. These calculators can be used for all mortgages such as buy to let mortgages and home mortgages.

Buy to Let Mortgages from Santander

Enjoy Tax Relief

With a buy to let mortgage from Santander, you will still be able to claim some tax relief due to your mortgage interest but the amount that you are able to claim has changed. This means that you will need to update your tax information to make sure that you are paying enough.

Getting a Buy to Let Mortgage

Since there is so much information that the mortgage lender will need from the borrower, in order to obtain a buy a let to let mortgage, you will have to come into the branch to speak with a financial advisor. While you can call and get information, you cannot start the loan process over the phone.

Portfolio Landlords

If you own four or more properties that are mortgaged as buy to let, then you will be considered a portfolio landlord. This means that if you are currently under this definition, then there are no changes and you can switch to new products as necessary. If you want to expand your portfolio, you will be unable to get a mortgage with Santander. In the same way, if you remortgage with a different lender, you may need to have more information showing your business plan and property schedule.

How to Apply

While many of the financial products and services provided by Santander can be applied for online, others require in-person meetings or telephone consultations. In any case, we can help you pinpoint and apply for the perfect product for your needs. Give a member of our customer support team a call today, or send us an email with an outline of your loan requirements.