Santander has today announced further rate reductions and new mortgage deals aimed at customers looking to buy their first home.
The bank has cut rates on two 90 per cent loan-to-value (LTV) fixed-rate mortgages ( for customers with deposits of 10 per cent). Customers in Santander’s Loyalty range can now get a two-year fixed mortgage at a rate of 3.55 per cent with a zero booking fee on purchase. All other customers can get a fixed rate of 3.65 per cent with a zero booking fee on purchase.
Santander has introduced new exclusive first-time buyer products and reduced the rates on existing ones in its 85 per cent LTV and 75 per cent LTV range. The deals include:
- New 1.69 per cent two-year fix at 75 per cent LTV with a £1495 booking fee, exclusively for first-time buyers
- New 2.14 per cent two-year fix at 85 per cent LTV with a £995 booking fee, exclusively for first-time buyers
- The rate on a 75 per cent LTV two-year fix was reduces to 2.25 per cent with a zero booking fee on remortgage and purchase
Other rate change highlights include:
- Extending our 60 per cent LTV first time buyer only fixed rate exclusives to all buyers:
- Two-year fixed mortgage at 1.39 per cent with a £1495 booking fee, remortgage and purchase (£250k minimum loan)
- Five-year fixed-rate mortgage at 2.19 per cent with a £1495 booking fee, remortgage and purchase (£250k minimum loan)
Miguel Sard, managing director of mortgages at Santander UK, said:
“Getting a foot on the property ladder can be tough for first time buyers, so we hope these two new competitively priced products, designed exclusively for them will help.
“Along with introducing these two new products for first time buyers, we are also extending last week’s 60 per cent LTV first time buyer only fixed rate exclusive to the rest of the market, delivering customers with a larger deposit more choice and great value.”
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