The new tracker product at 60 per cent LTV and 2.09 per cent is available to Santander Current Account customers looking to remortgage. It has a £995 fee and comes with the Remortgage Solution which offers a free basic mortgage valuation, and either a free basic mortgage valuation or £250 cashback on completion.
This latest launch complements Santander's existing range of loyalty products and, in addition, the qualification criteria for Current Account customers, has been reduced to three months. This means customers who have recently switched to a Santander Current Account, and credit it with at least £1,000 each month, need only wait three months before they can apply for any of the mortgage deals in the Current Account range.
To qualify for Santander's new two-year tracker, customers must have:
An existing Santander Current Account
Credited a minimum of £1,000 a month into the account over the last three months (this can be made up of multiple amounts)
At least two active Direct Debits or Standing Orders set up on the account, which have been paid in the last 30 calendar days
Customers who have previously applied for the loyal current account range of mortgages but didn't qualify due to not having had their current account long enough, should revisit their nearest branch or call one of our contact centres if they're still interested in applying for one of the products in this range.
Phil Cliff, director of Santander Mortgages, said: "As the Home of UK Mortgages, our latest competitive tracker product rewards existing Current Account customers with a great rate. Slashing the qualification criteria to three months ensures that existing Santander Current Account customers – or those who have recently switched and are looking to remortgage – can make the most of this opportunity and get a great product."
