Abbey National mortgage: Pros and cons

Abbey National have now become part of the Santander group, so all bank loans for home owners have defaulted to theirs. However, there are many people who question whether to opt for Abbey National loans through Santander or not. It is worth looking into the pros and cons to find out more and you can do that by looking through customer reviews. Here are the main advantages and disadvantages of the mortgage from this bank.

The pros

The interest rates are flexible with "flexible mortgages", which is one thing that many people are after. This means that the monthly repayment on the loan will fluctuate and is often much lower than a fixed mortgage. There are mortgages designed for first-time buyers and those who have bought a home before, which will help everyone. The rates vary, and this helps the different types of credit rating. After all, most first-time buyers are likely to have a lower credit rating than those who have bought something before. There is a fixed rate period, which is something that most people prefer when they start with the UK mortgages. The benefit of the fixed interest rate is that the monthly repayments are fixed for a set number of years - it is even possible to get this for the duration of the mortgage. This means that budgets can be looked at easily. There are mortgages designed specifically for those who have had a mortgage with the Santander group before - this is to thank their customers for the loyalty. Online banking makes everything easier and you will be able to check on your mortgage easily and quickly.

The cons

The interest rates differ between each bank on loans and mortgages, so you may not actually get the best one. It is worth shopping around to find out more. You will need to check online for your credit score. The Santander group do not approve loans for those with bad credit. However, there are some banks out there that will do so. Check the lending criteria with the Santander group before you think about using them. You will need to put down at least a 10% deposit. However, as a first-time buyer, you will be more likely to be approved with more money upfront.