Mortgages with Santander TottaBy Kerstin Buechner Dias • Apr 19th, 2011 • Category: Banks, Property News & Info
Santander Totta London Branch – Talk to the bank with local knowledge
Banco Santander Totta SA is a Portuguese commercial bank, which can trace its origins back to 1843. It is a member of Grupo Santander, one of the largest financial groups in the world, and has a wide network of branches and representative offices in Portugal and throughout the world, including London.
The London branch, established in 1973, is authorised by the Bank of Portugal and regulated by the Financial Services Authority for the conduct of UK business. The Financial Services Authority does not regulate loans secured on overseas properties. In the case of Portugal these are regulated by Banco de Portugal.
Loans are available in EUR and GBP. Interest will be charged at a margin over the Bank’s mortgage loan rate applicable to the currency borrowed.
The bank currently has two main mortgage products available:
Allows peace of mind that your loan will be fully repaid at the end of your chosen term, equal repayments throughout life of the loan (subject to Base Rate changes), maximum Term 25 years, loan to be repaid by the age of 75, and ability to make overpayments.
Ideal if you have other financial commitments and want to keep monthly costs at a minimum, 70% of your loan reduces on a monthly basis, 30% of your loan will be repaid at the end of your chosen repayment term, no capital repayments required on 30% of your loan, you can use other investments to repay 30% of your property at maturity of the loan, maximum term 15 years, loan to be repaid by age 65, ability to make over payments.
All loans if repaid in full or part within the first two years are subject to an early payment fee of three months interest, after two years the loan may be repaid at any time without incurring a penalty.
Once an application has been approved by the Bank and the terms and conditions have been offered and accepted, all legal documents will be prepared by the Bank’s lawyers. Receipt of application to formal offer normally takes within four weeks.
For further information please contact:
Tel: +44 (0)20 7621 2660